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Citigroup Inc To Cut 1,000 Jobs In Mortgage Business-Reuters

Monday, 23 Sep 2013 05:36pm EDT 

Reuters reported that Citigroup Inc is eliminating about 1,000 jobs in its U.S. home mortgage business, making it the latest bank to lay off staff as higher interest rates cut into demand for new loans and refinancing. The bank is cutting about 8% of the 13,000 jobs in its mortgage division, with most of the cuts - about 760 - taking place in Las Vegas. Roughly 800 of the jobs being eliminated are in sales, underwriting and fulfillment and reflect reduced demand for loans. Another 200 jobs are being cut because the Company has less work to do on defaults because of higher house prices and fewer delinquencies. In addition to the jobs in Las Vegas, the bank is cutting about 100 in Irving, Texas. 

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0.52 +1.10%
29 Jan 2015