Industry News

Citigroup announces 1,300 layoffs as part of ABN AMRO merger

ABN AMRO closing offices in Michigan, Florida

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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 a...