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Citigroup Announces Massive Layoffs, Mortgage Jobs?

DEC 5, 2012 9:52am ET
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Citigroup Wednesday morning said it will eliminate more than 11,000 jobs across the company, including 6,200 positions in its global consumer banking division.

At deadline no information was available concerning mortgage job cuts. A CitiMortgage spokesman referred calls to corporate headquarters in New York. At deadline a telephone call had not been returned on the matter. 

According to figures compiled by National Mortgage News and the Quarterly Data Report, Citigroup has been reducing its footprint in both the servicing and origination sectors.

In the third quarter, for example, its residential fundings declined by 6% while most other top ranked firms showed strong gains.

CitiMortgage, which is based in O’Fallon, Mo., also fell to sixth in the production rankings. It usually ranks fifth.

In a statement the bank said it is looking to cut expenses and improve efficiency.

The company said the cuts will result in about $1 billion in charges in 4Q and about $100 million in charges during the first-half of 2013. It expects about $900 million in expense savings in 2013 and annual expense savings of more than $1.1 billion starting in 2014.

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