I’ve received word that there have been layoffs at Citigroup as well today.
This is very preliminary, but according to an inside source, Citigroup’s wholesale home equity division, which originates home equity lines of credit and other second mortgages, laid off 100+ sales staff today.
The source also told me that there were similar layoffs at operations centers in St. Louis and Des Moines, Iowa.
It is assumed that the layoffs were related to the CitiMortgage unit.
Not sure at this point if they have anything to do with the recent acquisition of ACC Capital’s wholesale loan origination operation.
There may be some redundancies at this point, though that remains uncertain at this time.
Still very much breaking, but will try to gather more information if it becomes available. If you know anything more, contact me.
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