Citigroup to cut 1,000 mortgage jobs, mostly in Las Vegas

Citigroup Inc is eliminating about 1,000 jobs in its US home mortgage business after higher interest rates reduced the demand for new loans and refinancing, according to a statement from the company on Monday.

About 760 of the jobs are in Las Vegas, with another 100 at a Citigroup site in Irving, Texas, said a person familiar with the matter.

The cuts amount to about 8% of the 13,000 jobs in the division.

"These actions reflect our ongoing efforts to increase operational efficiency, adapt to changes in the marketplace, and position the business for the future," the company's statement said.