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No impact to Citibank third-party business by worldwide job cuts

by Staff Reporter7 minute read

The loss of around 100 Sydney jobs as part of a 50,000 worldwide cull announced this week will not affect Citibank’s plans to grow its Australian third-party residential lending business.

Speaking with Mortgage Business, Peter Hayward, Citibank Mortgage’s head of distribution and marketing, said the latest wave of redundancies would result in an overall “streamlining” of resources rather than cuts to any one segment of the bank’s business.

“Corporate and commercial banking had previously operated with separate back office functions, such as HR and legal departments, but these will now be merged,” he said.

Late last month Citibank announced that it would withdraw from commercial lending, shedding around 20 jobs, with a view to focus on beefing up its share of the residential lending market.

Mr Hayward said that the remaining staff had been kept informed throughout the process and “that chapter was now closed”.

“It’s business as usual for us,” he said. “We remain committed to the broker channel and totally focused on building our residential lending business.”

Published: 21-11-08

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