A cyclist rides his bike past the Citigroup center in San Francisco (Getty)
FORT MILL, S.C. (AP) - Citi is closing a unit at its Fort Mill operation, eliminating hundreds of jobs.
The Herald of Rock Hill reported (http://bit.ly/1av6euT ) the company is closing its default mortgage service unit, which could affect up to half of the approximately 850 workers.
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.
Citi 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.