Citi Cutting 1,000 Jobs, Some In Texas, As Mortgage Business Slows
NEW YORK (CBSDFW.COM/AP) — Citigroup says it is slashing about 1,000 jobs in Texas and Nevada, citing decreased demand for home loans and mortgage refinancing.
The lender said Monday that about 760 of the jobs being eliminated are in Las Vegas, while another 100 are in Irving.
The rest involve employees who work from home.
More than two-thirds of the eliminated jobs are in sales, underwriting and fulfillment.
Most of the employees being laid off will continue to work until November 22, while some will stay on until March.
Rising interest rates this summer have cut sharply into demand for mortgage refinancing, a big driver of bank profits in recent years.
Citigroup Inc.'s consumer banking earnings slipped 1 percent in the second quarter.
Wells Fargo recently said it was cutting more than 4,000 full-time mortgage-department jobs due to slackening demand.
(©2013 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
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