NEW YORK–Citigroup has announced a small reduction in its mortgage workforce, due to what it called an internal streamlining of functions. The cutbacks come as the overall mortgage lending market has slowed down due to rising rates.
“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 reported by Reuters.
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, Reuters stated.
The report noted that in June, JPMorgan Chase & Co 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,” Reuters added.
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