loan search for homeowners

In keeping with its announcement that it plans to axe 9,000 jobs globally, Citigroup has closed its secured loans and homeowner loans arms in the UK.  

Based in Sunderland, CitiFinancial offered secured loans to consumers on the UK market and employed some 600 workers, with around 400 of those based in its Sunderland office.  

Much of this is attributable to the fact that CitiGroup have been hit hard by losses in the US sub-prime lending market, making a loss of £2.7 billion in the first quarter of this year.  

Bert Pijls, business manager for CitiGroup’s UK consumer business commented, “Following a strategic review of the consumer business in the UK, Future Mortgages and CitiFinancial were not identified as areas for strategic growth.  

“By proposing to focus resource on our Citi and Egg brands, we are reflecting Citi's global strategy and creating a platform for expansion in the UK personal finance market.  

“We are committed to ensuring that staff who are potentially impacted by these proposals are treated fairly and made aware of all the options open to them.”

CitiFinancial had around 66,000 secured loan and homeowner loan customers. The loans of these customers will now be managed elsewhere within its business operations.