Citigroup has eliminated hundreds of jobs, including the mortgage unit.

Citigroup Inc. is reducing hundreds of jobs throughout the company. The Wall Street giant’s investment bank division is among those affected, according to people familiar. Staffers across the firm’s operations and technology organization and U.S. mortgage-underwriting arm are also among those affected.The routine cuts are part of Citigroup’s normal business planning, the people said. Managers are not required to make staff cuts. Instead, different divisions have been coping with the same reasons. Citigroup spokeswoman declined to comment. This move comes weeks after JPMorgan Chase & Co. made hundreds of mortgage employees redundant. Goldman Sachs Group Inc. embarked on one its largest rounds of job cuts in January, when it planned to eliminate thousands from the company. Citigroup’s technology division has invested billions of dollars in recent years to upgrade its underlying infrastructure. Jane Fraser, the chief executive officer of Citigroup, has stated for years that these investments would eventually allow the bank reduce its dependence on manual processes. Fraser stated in January that as our investments in transformation and control initiatives mature, the bank expects to achieve efficiency as these programs move from being manual intensive to technology-enabled. The firm is also experiencing a slowdown in investment banking due to the industrywide slowdown. Analysts expect further declines in the first quarter due to the lack of activity. Last year, revenue dropped by 53%. Citigroup’s recent moves regarding its mortgage division, which is largely located in O’Fallon (Mo.) — follow dozens of staffers being fired last year. In recent months, mortgage demand has declined due to rising prices and an increase in mortgage rates. Mark Mason, Chief Financial Officer, stated in January that while we are actively recruiting to execute our strategy, we also re-pace where it makes sense given the environment. “We are constantly combing talent and making certain we have the right people in the right positions. We also restructure where necessary. Citigroup continues to build and hire teams to resolve two consent orders that were received from the Federal Reserve and the Office of the Comptroller of the Currency in 2020. These additions have helped to increase the firm’s headcount by 30,000 over the past two years. Fraser stated in January that “We continue to invest our transformation to address the consent orders and modernize our bank.” “We are streamlining our processes and making them more automatable, while improving the quality of our data. This will make us a more efficient bank.