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Citi's Warehouse Unit Cuts More Jobs

First Collateral laying off 76

August 15, 2008

By MortgageDaily.com staff


More layoffs are planned at Citigroup Inc.'s warehouse lending unit.

First Collateral Services Inc. has notified the state of California of 76 planned layoffs, according to Worker Adjustment and Retraining Notifications published by the state's Employment Development Department.

Companies are required to file WARN notices with state employment agencies at least 60 days prior to laying off at least 50 people.

The layoffs at First Collateral, a subsidiary of Citigroup, will occur in Concord, where the warehouse lender is based.

The first round of the latest job cuts involving 27 people occurred on July 15, according to the WARN notice. A second round of 23 layoffs is slated for Oct. 31, while another 26 will be let go on Dec. 31.

First Collateral filed a WARN notice with California in May indicating that 142 employees would be laid off.


Related:
Warehouse Lender Cuts Jobs
Citigroup's warehouse lending subsidiary will cut nearly 150 California jobs this year.

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