Citigroup to Layoff 2,200 Workers in Mortgage Business [REPORT]VW Staff
FOX Business Network’s (FBN) Elizabeth MacDonald reports that, “Citigroup Inc. (NYSE:C) plans to lay off an estimated 2,200 workers within its mortgage business by early next year.” MacDonald says that the layoffs “could come at mortgage units across the country” and that the bank is “closing in on deciding on a final number.”
Excerpts from the report are below.
On layoffs at Citigroup:
“Citigroup Inc. (NYSE:C) plans to lay off an estimated 2,200 workers within its mortgage business by early next year, as rising mortgage rates have hurt mortgage lending and refinancings, executives at the bank tell FOX Business. The layoffs could come at mortgage units across the country, Citi sources said, adding the bank is closing in on deciding on a final number…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.’”