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Citigroup Cuts Mortgage Workforce: Bloomberg

Citigroup Inc. has cut nearly 100 mortgage employees amid the slowing housing market, Bloomberg reported citing a person familiar with the matter.

The report, citing an email by the company, said, "Citi has made a small number of staffing reductions within our mortgage team due to internal streamlining of functions. ... we are doing our best to support each individual by helping them to find new employment opportunities within Citi or outside the firm."

As per the report, rising interest rates, rising prices and a significant increase in mortgage rates continue to hurt demand in the housing market.

Mortgage application volume has plummeted by more than 50% in 2022. In July, US pending home sales fell to the lowest level since the start of the pandemic, the report noted.

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