Of Special Interest
3rd February 2012
Citigroup to end mortgage brokerage intros
Citigroup is to end broker introduced mortgage business. In addition to its own generated business it will continue to accept new business from correspondent channels.
The move is part of the continual cycle that occurs with banks stopping brokerage business after losses complaining of poor quality and then restarting the business after a period seeking to gain market share. It follows similar recent moves from JPMorgan Chase and Bank of America.
The bank believes that it will be able to redeploy the majority of employees that currently work in this section to alternative positions.