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Citigroup cutting more than 50 Hagerstown jobs

Friday - 1/17/2014, 4:40pm  ET

HAGERSTOWN, Md. (AP) -- Citigroup Inc. says it's cutting more than 50 jobs in Hagerstown.

Spokesman Mark Rodger said Friday that nearly 50 jobs will be cut by the end of March as the company sells the rights to service 64,000 defaulted mortgages, mostly on behalf of Fannie Mae. He says those positions are among 950 jobs the company is eliminating across the country, including in Las Vegas, Phoenix and St. Louis.

Furthermore, Citigroup says it will end all mortgage default servicing operations in Hagerstown by year's end. The spokesman says he doesn't know how many jobs will be lost in that move.

The business of servicing loans includes collecting monthly mortgage payments.

The job cuts were first reported by The Herald-Mail newspaper of Hagerstown.

Citigroup employs about 2,300 people in Hagerstown.


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