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Citigroup plans to lay off 2,200 workers

Cuts to happen by early next year

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According to Fox Business, Citigroup (C) plans to lay off a projected 2,200 workers within its mortgage business by early next year, as rising mortgage rates hinder the mortgage lending and refinance business.

Factoring in Citigroup’s expected job cuts, the nation’s biggest mortgage lenders, Wells Fargo, Bank of America and JPMorgan Chase, are now expected to lay off 22,300 workers in their mortgage units in coming months.

When asked for comment, Mark Rogers, Citigroup’s director of communications, told Fox Business: “We recently announced the closing of the CitiMortgage Danville, Illinois, facility due to decreased refinance volumes, and discontinued some telesales positions. We have nothing further to announce at this time.”

Source: Fox Business
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