Home Business Citigroup makes small cuts in mortgage workforce as housing market cools

Citigroup makes small cuts in mortgage workforce as housing market cools

1 min read
Comments Off on Citigroup makes small cuts in mortgage workforce as housing market cools
0
51


Article content

Citigroup Inc on Friday said it has slightly trimmed its mortgage workforce, due to an internal streamlining of functions.

Less than 100 positions were affected, according to Bloomberg News, which first reported the layoffs. (https://bloom.bg/3ekrVL1)

Article content

“We are doing our best to support each individual by helping them to find new employment opportunities within Citi or outside the firm,” a spokesperson for Citi said in a statement.

After hiring tens of thousands of staff between 2018 and 2020 to handle surging mortgage originations and refinancings driven by low interest rates, the mortgage sector is downsizing.

In June, JPMorgan Chase & Co started laying off employees in its mortgage business, with more than 1,000 being affected.

Wall Street bosses are also in a bind about whether to cut investment bankers or keep them on staff in hopes of a recovery from a brutal first half.

(Reporting by Nivedita Hazra in Bengaluru; Additional reporting by Juby A. Babu and Shivani Tanna; Editing by Lisa Shumaker)



Source link

Load More Related Articles
Load More By 
Load More In Business
Comments are closed.

Check Also

year JGB yield falls, longer-term notes keep rising

Article content TOKYO — The Japanese government bond market moved in mixed directions on W…