Mortgage Layoff Ax Claims 1,000 at Citigroup
NEW YORK (TheStreet) -- Citigroup
The bank is cutting about 8% of the 13,000 jobs in its mortgage unit, with the bulk of the cuts -- about 760 -- coming from its Las Vegas operations, according to Reuters.
Mortgage revenue is expected to drop sharply in the third quarter as higher interest rates cause refinancing activity to slow.
Other banks are also cutting personnel, including Wells Fargo
-- Written by Dan Freed in New York.