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Mortgage Layoff Ax Claims 1,000 at Citigroup

NEW YORK ( TheStreet) -- Citigroup (C - Get Report) said it is cutting 1,000 jobs in its mortgage business, according to reports by at least three news organizations which cited spokespeople for the bank.

The bank is cutting about 8% of the 13,000 jobs in its mortgage unit, with the bulk of the cuts -- about 760 -- coming from its Las Vegas operations, according to Reuters.

Mortgage revenue is expected to drop sharply in the third quarter as higher interest rates cause refinancing activity to slow.

Other banks are also cutting personnel, including Wells Fargo (WFC - Get Report), which has announced 4,800 layoffs so far this quarter, with most of them coming from the mortgage unit. Bank of America (BAC) has also laid off 2,100 employees, according to several reports.

-- Written by Dan Freed in New York.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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