Citi to cut 1,000 jobs across its mortgage businesses in the US

Tim Wallace
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CITI last night joined the latest round of cost-cutting, chopping 1,000 jobs in its US mortgage businesses.

The job losses will take its headcount in that arm of the bank down to around 12,000.

Most of the jobs will go in Las Vegas, with 760 staff set to leave by 20 December.

Another 100 are being cut in Irving, Texas, by 22 November, while much of the remainder are mortgage default employees who will leave by March 2014.

They will be given two months paid leave from those dates.

“In response to decreased demand for mortgage originations and refinancing, CitiMortgage is eliminating some positions in sales, fulfillment, underwriting and mortgage default functions,” said a spokesman for the bank.

“Most of the impacted Irving employees will be reassigned to other work at the site, resulting in an overall net reduction of approximately 1,000 jobs through these actions. While difficult, these actions reflect our ongoing efforts to increase operational efficiency and adapt to changes in the marketplace.”

Similar job losses are also coming from Wells Fargo and Bank of America Merrill Lynch.