Citi cuts mortgage headcount amid restructuring

depositary bank city has cut headcount levels in its mortgage business following sharp rises in interest rates and business restructuring.

“Citi has made a small number of headcount reductions within its mortgage team to streamline internal functions,” a Citi spokesperson said in a statement. bloomberg news It was the first to report on job cuts, reporting that fewer than 100 jobs were cut.

A spokesperson said Citi “does its best to support individuals by helping them find new employment opportunities within and outside of Citi.”

Citi was the 19th largest mortgage lender in the United States by origination volume in the first half of the year, according to a data analysis by . Inside Mortgage Finance.

Banks funded $16 billion in mortgages from January to June, down 5.9% from the same period in 2021.

Citi’s workforce reductions follow new leadership in the mortgage business. In August 2021, Citi hired Liz Bryant directly as Head of Retail Mortgage Sales. wells fargothe top depositary bank by origination volume in the United States

Beginning late last year, Bryant was tasked with restructuring Citi Mortgage to better align with Citi’s retail banking division.

The bank’s latest move is the hiring of industry veteran Darrin Lugat as its new divisional lending officer in New York, New Jersey and Northeast Suburban in July. Prior to Citi, Lugat served as his market manager at Wells Fargo for eight years.

Like Citi, other deposit banks are reducing their mortgage workforce. For example, Wells Fargo plans to lay off 75 of her employees in its Iowa mortgage department by the end of October, after a Workers Adjustment and Retraining Notice (WARN) notice was filed with the federal government. I was. Iowa Workforce DevelopmentThe bank eliminated 197 mortgage jobs in Iowa in previous layoffs. JP Morgan Chase The US Bank has also cut an undisclosed number of jobs in its mortgage department.

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