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Citigroup Cuts 1,000 Jobs From Mortgage Business

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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.

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