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CitiMortgage Cuts MO Jobs

Half of 102 job cuts are mortgage related

December 8, 2008

By MortgageDaily.com staff

Citigroup Inc. has begun cutting some of the 52,000 positions that it announced last month it planned to eliminate.

On Friday, Citigroup notified 102 employees in O'Fallon, Mo., that they would be laid off, spokesman Mark Rodgers told MortgageDaily.com in a statement. About half were CitiMortgage employees, while the rest were in operations and technology positions.

The layoffs are part of the 52,000 positions Citigroup said in November it would eliminate in the "near-term."

"CitiMortgage is reducing its employee base in originations and support services," Rodgers said in today's statement. "CitiMortgage sites and functions are also being scaled to support customers in today's turbulent economic environment."

Impacted employees will receive human resources counseling, outplacement services and severance based on position, length of service and other qualifying considerations.

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

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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