Huffpost Business

Citigroup Cuts 1,000 Jobs From Mortgage Business

Posted: Updated:
CITIBANK SIGN
UNITED STATES - FEBRUARY 27: A Citibank logo hangs above a branch entrance in New York, U.S., on Friday, Feb. 27, 2009. The U.S. government ratcheted up its effort to save Citigroup Inc., agreeing to a third rescue attempt that will cut existing shareholders' stake in the company by 74 percent. The stock fell as much as 37 percent. (Photo by Gino Domenico/Bloomberg via Getty Images) | Getty

NEW YORK -- Citigroup says it is slashing about 1,000 jobs in Nevada and Texas, citing decreased demand for home loans and mortgage refinancing.

The lender said Monday that about 760 of the jobs being eliminated are in Las Vegas, while another 100 are in Irving, Texas.

The rest involve employees who work from home.

Most of the employees being laid off will continue to work until Nov. 22, while some will stay on until March.

Rising interest rates this summer have cut sharply into demand for mortgage refinancing, a big driver of bank profits in recent years.

Citigroup Inc.'s consumer banking earnings slipped 1 percent in the second quarter.

Wells Fargo recently said it was cutting more than 4,000 full-time mortgage-department jobs due to slackening demand.

Also on HuffPost:

Layoff Kings Of 2012
of
Share
Tweet
Advertisement
Share this
close
Current Slide

Suggest a correction

Around the Web

Blackberry bought private jet months before layoffs

ECSU announces layoffs of 46 employees due to $5M budget shortfall

JPMorgan Chase will lay off 440 more in central Ohio

Citigroup to cut 1000 mortgage jobs, mostly in Las Vegas

Citigroup Inc (C): More mortgage job cuts - this time Citigroup

Citigroup Shuts Mortgage Office, Cuts Jobs as Demand Ebbs

Citi Plans to Lay Off 2200 in Mortgage Unit