Reuters (10/08/08); D'Souza, Savio
Citigroup is eliminating roughly 5 percent of jobs in its U.S. mortgage operations. In addition to cutting the 500 jobs, mostly sales and support positions, Citigroup says it will sever ties with 8,500 independent mortgage brokers but will continue to do business with 1,000 others. "This new model is dependent on doing business with the right brokers via a low-cost, high-touch approach," says Mark Rodgers, a company spokesman. Citigroup's remaining wholesale mortgage business will operate out of St. Louis and Dallas.
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