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Layoffs from Citi Consolidation Not Yet Known

Citi Residential, CitiMortgage merging

January 10, 2008


Layoffs and charges from Citigroup's integration of ACC Capital Holdings' former wholesale unit into its own residential subsidiary are not yet known, but the overhauled operation is expected to handle mortgages from origination to securitization.

The New York-based financial conglomerate has merged Citi Residential Lending, formerly known as Argent Mortgage Co., into its CitiMortgage unit, the company said in a memo to employees earlier this week. Argent was acquired from ACC on Sept. 1, 2007, in a deal that included $45 billion in mortgage servicing rights.

Bill Beckmann will head the combined operation, which Citi said will be "an end-to-end U.S. residential mortgage business that includes origination, servicing and capital markets securitization execution."

Unaffected by the move are Citibank mortgage loan officers and employees of CitiFinancial, the message said.

Citi said it expects the move will provide more uniformity in mortgage offerings, reduced mortgage exposure and a more consistent image among customers, regulators and other stakeholders.

"This new structure for our mortgage businesses will allow Bill and Jeff [Perlowitz] to design the best model to ensure highly effective and coordinated capital markets analytics, risk management and execution across non-agency products," the memo stated.

A spokesman would not comment on potential layoffs or charges associated with the move, noting they are just beginning the integration process.

"We're in the quiet period, so we wouldn't be able to talk about that at all," he said. "No decisions have been made at this point."

Sam Garcia worked in mortgage lending for twenty years prior to becoming publisher of MortgageDaily.com.

e-mail: [email protected]

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