Citizens Bank Cuts Mortgage Brokers

Citizens Bank, the 10th-largest mortgage lender by loan count in 2022, confirmed Wednesday it has laid off an unspecified number of brokers from its Home Mortgage division.

In addition to not stating the total number of jobs cut, the bank also did not state specifically when the reduction in force occurred.

“We continuously assess staffing levels across the company to ensure they match appropriately with customer demand,” Eleni Garbis, the bank’s vice president of consumer public relations, said in an email to NMP. “As part of that process, we have made some necessary but difficult decisions related to our Home Mortgage organization.”

She continued, “We are working with impacted colleagues to provide support, including outplacement and job search resources. Impacted colleagues are eligible for severance and are encouraged to search for other open positions at Citizens.”

The bank also did not state where the layoffs occurred. The Home Mortgage unit is based in New York, but it also has locations in 14 states and the District of Columbia.

Citizens Bank was the 10th-largest mortgage lender by loan count in 2022, according to an analysis of the latest data from Home Mortgage Disclosure Act by Bankrate.com.

Citizens originated 101,000 mortgages worth $25 billion, Bankrate reported, though it added that when ranked by dollar volume rather than number of loans originated, Citizens falls out of the Top 10.