Citi to cut hundreds of jobs as demand for mortgages falls

The move comes after other firms in the sector announced similar layoffs

Various Citi divisions have been grappling with different reasons for the cuts. Picture: Getty

Citigroup is cutting hundreds of jobs across the company, with the Wall Street giant’s investment banking division among those affected.

The cuts amount to less than 1 per cent of Citi’s 240,000-person workforce, according to people familiar with the matter, who asked not to be named discussing personnel information.

Staffers across the firm’s operations and technology organization and US mortgage-underwriting arm are also among those affected.

The routine cuts are part of Citigroup’s normal business ...