Report: Citigroup to Lay Off Nearly 2,200 Employees in Mortgage Unit (C)

Report: Citigroup to Lay Off Nearly 2,200 Employees in Mortgage Unit (C)


According to a report by FOX Business Network, Citigroup Inc (C) will lay off about 2,200 employees by early next year due to a slowdown in its mortgage origination business.

“Citigroup (C) plans to lay off an estimated 2,200 workers within its mortgage business by early next year, as rising mortgage rates have hurt mortgage lending and refinancings, executives at the bank tell FOX Business,” Elizabeth MacDonald of FBN reported. “The layoffs could come at mortgage units across the country, Citi sources said, adding the bank is closing in on deciding on a final number…When asked for comment, Mark Rogers, Citigroup’s director of communications, told FOX Business, ‘We recently announced the closing of the CitiMortgage Danville, Illinois, facility due to decreased refinance volumes, and discontinued some telesales positions. We have nothing further to announce at this time.”

Citigroup shares were down 73 cents, or 1.43%, during morning trading on Wednesday. The stock is up 27.73% year-to-date.

The Bottom Line
Shares of Citigroup (C) offer a dividend yield of 0.08% based on Wednesday’s intraday trading price of $50.80 and the company’s annualized dividend payout of 4 cents per share.

Citigroup Inc (C) is not recommended at this time, holding a DARS™ Rating of 3.2 out of 5 stars.

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