Citibank News Update: Bank To Shed Staff Before Christmas

Citibank News Update: Citibank to shed staff before Christmas. The mortgage division that is situated at The Lakes, Las Vegas is to close later this year.

Seven hundred people will lose their jobs when Citibank make them redundant as their jobs go just before Christmas this year. The closure is part of a nationwide strategy to cut back on jobs. In all one thousand jobs are due to be axed. Citibank is based in New York but their staff in Las Vegas will bear the brunt of the layoffs. The decreased demand for mortgages was sited as the reason that Citibank needed to downsize the staffing in their mortgage division. Some of the staff affected however, who are mostly from the town of Irving will be reassigned to undertake work in other parts of the Citibank site.

Citibank News Update

The bank said that while they regretted having to take the action they had done so in order to promote greater efficiency and to keep pace with changes in the market place and to ensure the success of the business in the future. Citibank have told employees that they will spare no effort in helping them to find other positions either within the company or in the wider market place and that all those who ultimately do have to lose their jobs will be eligible for Citi transitional support as well as severance pay that will be based on the length of service of each employee and will include the payment of an additional two months benefits.

A Citibank employee at the centre who asked for their comments to be kept anonymous said that they employees who were being affected by the lay off were told of the company’s decision and that they had been told that some of the division to be closed would be wound up in late November but that most of the layoffs would come into effect on the 20th of December. This could hardly be worse timing for people looking forward to Christmas. There has also been some speculation that as the mortgage business is proving unsuccessful then it might be that Citibank will pull out of this area of banking altogether. The call handling sector of the company will not be affected by the lay offs.

Although mortgage interest rates remain very low the market is said to have slowed because those who had been seeking to refinance have now mostly done so.

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