CitiMortgage laying off 760 Las Vegas employees
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Las Vegas, NV (KTNV) -- There's some bad news for the local economy.
CitiMortgage told Action News it's laying off 760 employees locally because of lower demand for mortgage originations and refinancing.
The layoffs are part of a larger cutback by CitiMortgage involving 1,000 jobs.
Here is the statement released to Action News:
"In response to decreased demand for mortgage originations and refinancing, CitiMortgage is eliminating some positions in sales, fulfillment, underwriting and mortgage default functions predominantly at Citi sites in Las Vegas, Nevada and Irving, Texas. Most of the impacted Irving employees will be reassigned to other work at the site, resulting in an overall net reduction of approximately 1,000 jobs through these actions. While difficult, these actions reflect out ongoing efforts to increase operational efficiency, adapt to changes in the marketplace, and position the business for the future. Citi will help impacted employees identity opportunities both inside and outside of the company. Impacted employees will be eligible for Citi severance benefits and transition support."