- Associated Press - Friday, January 17, 2014

FORT MILL, S.C. (AP) - Citi is closing a unit at its Fort Mill operation, eliminating hundreds of jobs.

The financial company is closing its default mortgage service unit, which could affect up to half of its approximately 850 employees in the Fort Mill area, The Herald of Rock Hill (http://bit.ly/1av6euT ) reported.

Citi public affairs director Mark Rodgers says about 200 workers will be laid off during the first quarter of this year. Affected employees were told this week, the same time it was announced that Citi had sold its mortgage servicing rights for about 64,000 Fannie Mae residential mortgage loans, with an outstanding balance of about $10 billion.

The cuts in the Fort Mill area follow an August reduction of 150 employees, also in the default mortgage service units. Rodgers says Citi plans to close its mortgage default unit in Fort Mill by the end of year.


Workers in the default mortgage service unit can apply for other jobs at Citi, Rodgers said.

Citi will continue to use its Fort Mill office for collections for One Main Financial, some retail banking operations and an anti-fraud unit, Rodgers said.

Those leaving are eligible for 60 days of pay, and severance pay based on their years of service. The company also plans to offer placement support to those seeking jobs.

___

Information from: The Herald, http://www.heraldonline.com