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1,000 Citi Layoffs

Most job cuts tied to falling mortgage production

Sept. 23, 2013

By Mortgage Daily staff

Slowing mortgage production is prompting Citigroup Inc.'s mortgage subsidiary to eliminate more than a thousand jobs. The layoffs are concentrated in Nevada and Texas.

The job cuts are happening at CitiMortgage Inc., according to a statement Monday. While more employees were impacted, most were reassigned to other departments -- leaving around 1,010 who are being notified of their impending termination.

Citi said that the mortgage staffing reduction is being made as a result of declining mortgage originations and refinancing.


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Thousands More Layoffs Ahead at Citi
Continuing a trend that is unlikely to abate soon, Citigroup Inc. has plans to eliminate thousands of mortgage jobs.

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