Citigroup, Inc (NYSE: C) announced that it will be closing its Frederick, MD-based mortgage loan servicing office by the middle of 2010 and will move most of its 940 workers at the office elsewhere in the region.
Citigroup spokeswoman Janis Tarter said on Thursday that relocated employees would either work from Citibank’s larger Hagerstrown site or as remote workers from their homes. As part of the transition, about 40 positions will be cut. Tarter told the press that the company is working with effected employees “to help them explore open jobs within Citi and outside of Citi.”
Tarter said in a statement that the shutdown of the Frederick office will help “increase the efficiency and cost-effectiveness of our consumer banking operations while giving employees as many flexible work options as possible.”
Citigroup Inc. (Citigroup) is a global diversified financial services holding company. The Company provides consumers, corporations, governments and institutions with a range of financial products and services. As of December 31, 2009, Citigroup had approximately 200 million customer accounts and did business in more than 140 countries. Citigroup operates through two primary business segments: Citicorp, consisting of its Regional Consumer Banking (RCB) businesses and Institutional Clients Group (ICG), and Citi Holdings, consisting of its Brokerage and Asset Management (BAM), Local Consumer Lending (LCL), and Special Asset Pool (SAP). In April 2010, Barclays PLC acquired Italian credit card business of Citibank International Bank plc. In May 2010, the Company announced the creation of a new Collateral Management Services unit within its Securities and Fund Services business.
Shares of Citigroup, Inc (NYSE: C) traded down 1.19% during mid-day trading on Friday.
