Citi closes Future Mortgages and CitiFinancial - papers 20 May

The American bank is closing down Future Mortgages, its mortgage operation, and CitiFinancial, its unsecured loans business. Its 92,000 mostly sub-prime customers – people with blemished credit histories – will continue to be serviced by other parts of Citigroup on the same terms. The bank said that it planned to close its Doxford call centre operation near Sunderland, where 400 people are employed, and 49 CitiFinancial branches, employing 300 people. The bank has entered into consultation with the staff affected. Some may be offered jobs elsewhere in the group. THE CBI PRESIDENT, M...