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March 17, 2008
The home mortgage division of Citigroup Incorporated says it is laying off 185 employees in the Des Moines area who worked in its home equity business.
The company says home equity loans are not saleable in today's troubled home loan market.
CitiMortgage spokesman Mark Rodgers says the layoffs follow the company's recent announcement that it plans to better allocate its capital. He says the company is not exiting the home equity business but will focus more on supporting existing Citibank, corporate and Smith Barney customers.
Citigroup continues to employ about 180 people in its CitiMortgage business in Des Moines, about 650 workers in its credit card operations in the state and CitiFinancial has 120 workers in Iowa.
Rodgers says about 200 workers are employed by Smith Barney, another Citigroup business in the state.
Citigroup says it plans to cut by more than 50 percent the amount of new home loans held in portfolio. The company is reorganizing the division and working to reduce expenses by $200 million over 12 months.
Citigroup shares fell to a new 52-week low today, falling 5.3 percent, or $1.05 per share, to $18.73. Shares have traded between $19.54 to $55.55 in the past year.
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