Citigroup Inc announced on Friday that it has reduced its mortgage workforce slightly due to internal function streamlining.
According to Bloomberg News, which first reported the layoffs, fewer than 100 positions were affected.
“We are doing our best to support each individual by assisting them in finding new employment opportunities within or outside the firm,” said a Citi spokesperson in a statement.
The mortgage industry is downsizing after hiring tens of thousands of workers between 2018 and 2020 to handle surges in mortgage originations and refinancings driven by low-interest rates.
JPMorgan Chase & Co began laying off employees in its mortgage business in June, affecting over 1,000 people.
Wall Street executives are also unsure whether to lay off investment bankers or keep them on the payroll in the hopes of recovering from a disastrous first half.
