Sponsored by: Investment Center

Something new in your business?  Click here to submit your business press release

Chamber Corner | Main Street News | Job Hunt | Classifieds | Calendar | Illinois Lottery 

Citi cutting 1,000 jobs as mortgage business slows

Send a link to a friend 

[September 24, 2013]  NEW YORK (AP) -- Citigroup says it is slashing about 1,000 jobs in Nevada and Texas, 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, Texas.

The rest involve employees who work from home.

Most of the employees being laid off will continue to work until Nov. 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.

[Associated Press]

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

< Recent articles

Back to top