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Over 500 Wholesale Citi Employees Spared Layoffs

Michigan employees being retrained as counselors

November 20, 2008

By MortgageDaily.com staff

Amid more than 50,000 casualties, 500 CitiMortgage wholesale employees were spared job losses. The company's parent is reportedly considering a major sale.

More than 500 wholesale lending employees are being re-deployed to support loss mitigation activity, spokesman Mark Rodgers told MortgageDaily.com in a statement.

Rodgers noted that the O'Fallon, Mo.-based lender is providing education to the former wholesale employees.

"We are providing loss-mitigation training to these counselors," the spokesman said, "building on their solid understanding and knowledge of the mortgage business."

The impacted personnel are located in Pittsfield, Mich., near Ann Arbor.

Citigroup Inc. reported last week that it would reduce headcount by 52,000 in the "near term."

Those job cuts are on top of more than 1,700 mortgage-related layoffs so far this year -- including approximately 500 employees laid off when the company scaled back on its mortgage broker operation last month.

Yesterday, Citigroup disclosed it would acquire $17 billion in illiquid structured investment vehicles. Its stock price has since slid to under $5. Shares had traded at more than $35 in December 2007.

During the past four quarters, Citigroup has had losses totaling more than $20 billion.

The Wall Street Journal reported today that the New York-based financial institution is considering auctioning off some of its pieces -- or even selling the company outright.

Citi Employment Activity
Date Reported Unit Location Layoffs or Hirings Number
Citigroup Inc. national Layoffs 52,000
CitiMortgage CO, GA, MI, MO, OH and TX Layoffs 500
Aug. 22, 2008 CitiMortgage Des Moines, IA Layoffs 146
Aug. 15, 2008 First Collateral Services Inc. Concord, Calif. Layoffs
May 7, 2008 First Collateral Services Inc. Concord, Calif. Layoffs 142
March 17, 2008 CitiMortgage Des Moines, Iowa Layoffs 185
March 17, 2008 CitiMortgage national Layoffs 294
Feb. 22, 2008 multiple South Bend, Ind. Layoffs 194
Jan. 25, 2008 CitiMortgage Des Moines, Iowa Layoffs 100
Jan. 25, 2008 CitiMortgage Great Falls, Mont. Layoffs 80
April 13, 2007 ABN AMRO Mortgage Group national Layoffs 1,700
April 13, 2007 multiple units -- mortgage and non-mortgage national Layoffs 17,000
Sept. 15, 2006 CitiMortgage Tucson, Ariz. Hirings 150
June 13, 2005 multiple Columbus, Ohio Hirings 250

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Stories about mortgage servicers, delinquency and f o r e c l o s u r e s. Coverage of servicing lawsuits and loan servicing technology.

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