Citi cutting 1,000 jobs as mortgage business slows

Citigroup cutting about 1,000 jobs in Nevada and Texas as demand for mortgages slows

Associated Press

NEW YORK (AP) -- Citigroup says it is slashing about 1,000 jobs in Nevada and Texas, citing decreased demand for home loans and mortgage refinancing.

The lender said Monday that about 760 of the jobs being eliminated are in Las Vegas, while another 100 are in Irving, Texas.

The rest involve employees who work from home.

Most of the employees being laid off will continue to work until Nov. 22, while some will stay on until March.

Rising interest rates this summer have cut sharply into demand for mortgage refinancing, a big driver of bank profits in recent years.

Citigroup Inc.'s consumer banking earnings slipped 1 percent in the second quarter.

Wells Fargo recently said it was cutting more than 4,000 full-time mortgage-department jobs due to slackening demand.

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