Citigroup makes small cuts in mortgage workforce as housing market cools
Reuters
Published Sep 02, 2022 08:38PM ET
(Reuters) - Citigroup Inc (NYSE:C) 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.
"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 (NYSE:JPM) 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.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.