Citi, which just eliminated its wholesale home equity division continues with the changes; announcing the consolidation of Citi Residential Lending with the CitiMortgage unit. In an email to staff today Citi leadership announced that staff reductions would be imminent in the consolidation.
Here’s a clip of the email:
As part of the next phase in creating an end-to-end U.S. residential mortgage business, we previously shared that the collective residential real estate businesses would operate under the CitiMortgage banner. To support this strategy and current market realities, a key element is the coming together of Citi Residential Lending and CitiMortgage. Today, we are announcing high-level details of this integration, which will allow us to maintain our capability and expertise and leverage them to grow as market conditions improve. Specifically, the business alignment for the combined organization will be as follows.
The Citi Residential sales organization, under the leadership of Joe Amoroso, will report to the CitiMortgage Wholesale organization under John Hummel, reporting to Fred Bolstad, Managing Director of CitiMortgage Wholesale Lending. The combined sales organizations will be reduced to a level to support current market conditions.
As Citi regroups to meet market challenges expect a lot of news from competitors trying to do the same to make it through the wilderness.
