Citigroup Inc., the third-biggest U.S. bank by assets, is cutting 950 jobs in default mortgage servicing after selling some business to Fannie Mae.

The dismissals include 200 in Fort Mill, S.C., and about 50 in Hagerstown, Md., said Mark Rodgers, a Citigroup spokesman. The New York-based bank is shuttering its default servicing operations in those two locations, Rodgers said today in a phone interview. He declined to provide the locations of where the other 700 cuts would occur.

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