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Thousands More Layoffs Ahead at Citi

Citi among big firms cutting mortgage staffing

Sept. 11, 2013

By Mortgage Daily staff

Continuing a trend that is unlikely to abate soon, Citigroup Inc. has plans to eliminate thousands of mortgage jobs.

Driven by plunging refinance originations, some of the country's biggest residential lenders have disclosed plans to lay off thousands of employees.

Bank of America Corp., where layoffs could reach 2,100 this year; Wells Fargo & Co., with announced staff reductions of around 3,000; and JPMorgan Chase & Co., which is in the process of eliminating more than 3,000 positions.

Less prominent among big lender layoffs has been Citi -- though the New York-based firm recently disclosed 150 South Carolina layoffs, notified 153 California employees of their impending termination, advised the state of Illinois about 121 staffing cuts, and filed a notice in New York indicating 36 upcoming layoffs.

As of June 30, Citi employed 253,000 people across all business lines, according to second-quarter earnings data.

But that total will likely fall as a result of more job cuts.

Citi plans to lay off an estimated 2,200 mortgage employees across the county by early next year as a result of slowing refinance activity, Fox Business News reported Wednesday. Unnamed Citi executives reportedly said that a decision is near on the final number of layoffs.

During the first six months of this year, $35 billion in residential loans have been originated at the company.

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