The Modern Businessman

Insight into current trends in Business, Finance, Psychology, Economics, and Fitness.

This blog provides running commentary on impactful and relevant current events and research. Insights into topics including Business, Finance, Psychology, Economics, and Fitness are provided by a rising Industrial/Organizational Psychologist.

Citigroup Cuts Mortgage Jobs as Refinancing Boom Wanes

September 24, 2013 by Aaron Kraus

Citigroup Cuts Mortgage Jobs as Refinancing Boom Wanes:

Fewer people are refinancing their mortgages, so there is less of a need for those workers at commercial banks. Citigroup announced 1,000 mortgage related jobs are being cut primarily form the Las Vegas, NV and Irving, TX locations. Banks have been very forthcoming about the slowdown in the mortgage industry that kept bank profits high through the period of slow trading and loan growth.