Citigroup makes small cuts in mortgage workforce as housing market cools
(Reuters) – Citigroup Inc on Friday mentioned it has barely trimmed its mortgage workforce, as a consequence of an inner streamlining of features.
Lower than 100 positions have been affected, in keeping with Bloomberg Information, which first reported the layoffs.
“We’re doing our greatest to assist every particular person by serving to them to search out new employment alternatives inside Citi or exterior the agency,” a spokesperson for Citi mentioned in an announcement.
After hiring tens of hundreds of workers between 2018 and 2020 to deal with surging mortgage originations and refinancings pushed by low rates of interest, the mortgage sector is downsizing.
In June, JPMorgan Chase & Co began shedding workers in its mortgage enterprise, with greater than 1,000 being affected.
Wall Road bosses are additionally in a bind about whether or not to chop funding bankers or hold them on workers in hopes of a restoration from a brutal first half.
(Reporting by Nivedita Hazra in Bengaluru; Extra reporting by Juby A. Babu and Shivani Tanna; Modifying by Lisa Shumaker)
