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Citigroup, Inc (NYSE: C) to Close Frederick Mortgage Office | Business

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Citigroup, Inc (NYSE: C) to Close Frederick Mortgage Office
Business, News

By mid-2010, Citigroup, Inc. will close their Frederick, MD mortgage office and move their staff of 940 employees to another part of the Maryland region.

According to American Banking & Marketing News, Citigroup spokeswoman Janis Tarter said on Thursday that relocated employees would either work from Citibank’s larger Hagerstrown site or as remote workers from their homes. As part of the transition, about 40 positions will be cut. Tarter told the press that the company is working with effected employees “to help them explore open jobs within Citi and outside of Citi.”

Tarter said in a statement that the shutdown of the Frederick office will help “increase the efficiency and cost-effectiveness of our consumer banking operations while giving employees as many flexible work options as possible.”

The company said that it expects most of the relocating employees to work from home.

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