Citigroup axe falls on 1,000 jobs

Axe In Wood

Citigroup is cutting about 1,000 jobs in its home-lending business.

Bloomberg reports that the job reductions will come in mortgage sales, underwriting, fulfillment and default roles, primarily in Las Vegas and Irving, Texas, the New York-based company said today in an e-mailed statement.

Citigroup, led by CEO Michael Corbat, 53, joins Wells Fargo and Bank of America in trimming home-lending staff as a surge in borrowing costs slowed refinancing by more than 70% since September 2012 and curbed what had been record profits. Citigroup announced the closing of a Danville, Illinois, facility in July, leading to 120 job cuts, and fired some telephone sales agents, the company said earlier this month.

'While difficult, these actions reflect our ongoing efforts to increase operational efficiency, adopt to changes in the marketplace and position the business for the future', Mark Rodgers, a company spokesman, said in the statement.

The last day for most employees will be in November or December, and workers will be paid for two months afterwards in addition to severance, a person familiar with the moves said.

To access the complete Bloomberg article hit the link below

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