Citigroup slashes jobs on heels of refinancing slowdown
1,000 employees cut from the bank's mortgage ranks
Citigroup (C) is not far behind from its competition in laying off mortgage workers. As the Wall Street Journal reports, the bank plans to lay off 1,000 workers as the company's refinancing volume declines. The business paper has more:
"All the banks, big and small, are responding to the drop in mortgage revenue with cost and head-count reduction," says Frederick Cannon, an analyst with Keefe, Bruyette & Woods.
The affected positions, which are primarily in Las Vegas and Irving, Tex., include jobs in sales-fulfillment, mortgage-underwriting and mortgage-default functions. The total number of employees in the Las Vegas facility before the layoffs was about 1,100. The Irving facility had about 5,800 employees before the layoffs.