Citi laying off hundreds in Fort Mill - WBTV 3 News, Weather, Sports, and Traffic for Charlotte, NC

Citi laying off hundreds in Fort Mill

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FORT MILL, S.C. (AP) -

Citi is closing a unit at its Fort Mill operation, eliminating hundreds of jobs.

The company is closing its default mortgage service unit, which could affect up to half of the approximately 850 workers and other business owners in the area.

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.

"Bottom line, I lose customers," said Akahana Asian Bistro Bar Co-owner Richard Tang.

Tang moved his business from Charlotte to Fort Mill's Baxter Village seven months ago because of the bustling and growing neighborhood.

He now fears he may lose some of his customers after Citi officials announced its latest layoffs.

"Business is what we thrive on. The lunch crowd brings us business, so to hear there's 200 jobs leaving the area, that means I'm losing business."

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