More than 1,300 ABN AMRO Mortgage Group employees in Michigan and Florida will lose their jobs by the end of the year as Citigroup integrates the company into its own mortgage subsidiary, CitiMortgage Inc.

Citigroup announced it was acquiring ABN AMRO Mortgage Group and its $224 billion mortgage servicing portfolio in January, and estimated the combined companies would be the fourth-largest mortgage loan servicer and third-largest originator.

Citigroup this week announced plans to cut 770 jobs in Michigan, where ABN AMRO Mortgage Group was headquartered, and 550 jobs in Florida.

In Michigan, 200 workers at ABN AMRO Mortgage Group’s former headquarters near Ann Arbor will be laid off as the headquarters is converted into a wholesale mortgage operations center, the Ann Arbor News reported. The News also reported that Citigroup plans to close two offices in the Detroit area, eliminating another 570 jobs by the end of the year.

In Jacksonville, Fla., 550 employees at a customer servicing and call center were told their office will be closed by the end of the year, the Times-Union reported.

The job cuts at ABN AMRO Mortgage Group were not related to Citigroup’s announcement this week that it was cutting 17,000 jobs worldwide, a Citigroup spokesman said.

ABN AMRO Mortgage Group was a subsidiary of LaSalle Bank Corp. and ABN AMRO Bank N.V., with primary originations business via wholesale lending under the InterFirst brand.

Mortgage lenders announced 6,138 job cuts in the first quarter of 2007, compared with 3,497 in the same period last year, according to a recent report by Challenger, Gray & Christmas Inc., a New York-based outplacement job consulting firm. The report said there were 12,874 announced job cuts in mortgage lending last year.

***

Send feedback or a letter to the editor to matt@inman.com.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Don’t miss out! Inman Connect Las Vegas starts tomorrow and you can catch all the excitement with a virtual ticket.Register Now×
Limited time: Get 30 days of Inman Select for $5.SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription