Citigroup's warehouse lending subsidiary will cut nearly 150 California jobs this year.
First Collateral Services Inc. notified California's Employment Development Department it plans to release 142 employees by Dec. 31, according to a journal of Worker Adjustment and Retraining Notifications published by the state.
The layoffs are planned in Concord, Calif., near San Francisco, where First Collateral maintains its headquarters.
Citigroup inherited the warehouse lender, which launched in 1985, when it acquired Associates First Capital in September 2000 from Ford Motor Co.
The layoffs at First Collateral are scheduled in waves that began in March and continue through December.
Also listed on the WARN journal was Countrywide Financial Corp., which reported it would layoff 48 people last month in Calabasas, Calif., where it maintains its headquarters. Countrywide laid off 73 people in Canoga Park, Calif., during February.
Layoffs Continue in California
Nearly 1,000 mortgage jobs have been eliminated in California so far this year. The level of activity suggest the pace of layoffs has fallen significantly since last year.