Citigroup to cut 1,000 in mortgage division

NEW YORK (MarketWatch)
Citigroup Inc.will cut 1,000 jobs in its mortgage business in the U.S., according to a statement by the firm
The firm is making nationwide cuts after higher interest rates have slowed down its new loans and refinancing business
"In response to decreased demand for mortgage originations and refinancing, CitiMortgage is eliminating some positions in sales, fulfillment, underwriting and mortgage default functions predominantly at Citi sites in Las Vegas, Nevada and Irving, Texas," said the firm in a statement
The firm's Las Vegas office will see about 760 cuts, while its Irving, Texas cite will see approximately 100 cuts
The cuts make up about eight percent of the firm's mortgage division
Citi is the latest firm to announce cuts in its mortgage division following disappointing results