Most Citi layoffs are happening with the mortgage side -- from the location perspective, most of layoffs are happening in our location in O'Fallon Missouri where the records center is. Also, some branches are closing, so you will see some cuts there and on the tech side, they outsource or change technologies, so you'll see layoffs there too.
HOWEVER, the mortgage side is getting hammered into a complete and utter submission.
Get your facts straight. First of all, the record center is NOT impacted by layoff. Second, Citi has been in the planning stages for years of exiting mortgage so this is not a huge surprise. Third, Citi was crucial in convincing Cenlar to stay in Ofallon and utilize the talent already established at Citi, which they are doing, and for those left who aren't hired by Cenlar, Citi is diligent in finding positions internally for them. Fourth, they only utilize offshore personal to assist onshore teams when needed, and they will be the first to be impacted. I want to add that offshore personnel are hard working, diligent, kind people who do the grunt work that onshore doesn't want, or have time to do, and they never complain about it.
Maybe the layoffs in the past have been somewhat unfair and not handled well, but this time around they have been transparent and understanding. From someone who wil be unhappily impacted, I most say I'm impressed with Citi's compassion for us. High level managers are losing their jobs too, but still maintaining support around their subordinates. I for one, will really miss Citi and blessed that I had the opportunity to be part of that family. Good luck to us all, I think we will all find that outside companies will be happy to hire such seasoned, talented hard workers.
Citi is infamous for laying people off. They have their current employees train people offshore then once they are what they consider up to speed they then JD or job discontinue their employees in the states. This is common practice for Citi in all areas of their business not just mortgage. This is simply a way for the bank to put more money in their pocket. They do not care about their employees. Their one and only concern is money. They are even known for "forcing" out tenured employees who have put in many years so they can replace them with 2 or 3 new employees. Knowledge or loyalty mean nothing to this company. Money does ...
Citi is exiting the servicing business, going forward they will portfolio only what they have to. Cenlar will be hiring hundreds of employees..a large portion of them being employees of Citi and will be at the same location.