Citigroup Hiring: Trying to Keep Up With Demand
With the administration’s pressure to stop the increasing numbers of foreclosures nationwide, Citigroup has hired around 1400 new employees. In addition to the personnel, Citi has spent time and money improving infrastructure, such as more telephone lines, in order to accommodate the ever increasing number of calls from distressed borrowers.
While commendable on the surface, keep in mind that Citi received approximately $45 billion in TARP funds last year to avoid collapse as a result of their high numbers of subprime loans and other tainted investments. In addition to being a lending giant, Citi is also a servicer of mortgage loans for other lenders. Estimates put Citi handling around $770 billion in mortgage loans of which the lion’s share are for other lenders. Citi is the fourth-largest US mortgage servicer.