Citigroup Cuts 185 Jobs From Its Home Mortgage Division >C
Mar.18, 2008 in
Market Outlook
Citigroup Cuts 185 Jobs From Its Home Mortgage Division >C
Last Update: 3/18/2008 1:12:33 AM
DES MOINES, Iowa (AP)–The home mortgage division of Citigroup Inc. (C) said
Monday it is laying off 185 employees who worked in its home equity business,
saying those types of loans are not salable in today’s troubled home loan market.
CitiMortgage spokesman Mark Rodgers said the layoffs in the Des Moines area
follow the company’s recent announcement that it plans to better allocate its
capital.
He said the company is not exiting the home equity business but will focus more
on supporting existing Citibank, corporate and Smith Barney customers.
(END) Dow Jones Newswires
March 18, 2008 01:12 ET (05:12 GMT)
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