Citigroup Inc. plans to extensively scale back its CitiMortgage operations, according to published reports.
The downsizing plan includes cutting 500 jobs and reducing the number of independent brokers that Citi works with by 90%, Reuters reports. The latter reduction will leave the company doing business with 1,000 mortgage brokers, down from approximately 9,500.
The job cuts, meanwhile, will mostly affect Citi's sales and support staff, or about 5% of the company's mortgage employee base.
SOURCE: Reuters