Trending Thursday: More McMansions, Ferguson home values and more

Trending Thursday: More McMansions, Ferguson home values and more

Plus the real truth about whether renters really want to buy

Exclusive: Redfin’s chief economist answers 5 tough questions

Nationalizing the GSEs, the silver bullet for Washington policy and more

HUD: Associated Bank ‘redlining’ settlement largest ever

HUD Secretary Castro says settlement “sends a strong message”
W S
Lending / The Ticker

Citigroup slashes jobs on heels of refinancing slowdown

1,000 employees cut from the bank's mortgage ranks

pinched-Money
/ Print / Reprints /
| Share More
/ Text Size+

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.

Source: WSJ
Read full story

Recent Articles by Brena Swanson

Comments powered by Disqus