Citigroup is planning to incorporate its various mortgage businesses, a memo to the company’s employees on Tuesday showed, according to Financial Times.
The aim in combining the bank’s mortgage businesses is to improve consistency and risk management, the memo said. Citigroup Mortgage had previously been separate from the loan operations in Citigroup’s markets and banking unit. The memo said that mortgage origination activities of CitiFinancial, Citibank and Smith Barney branches will remain separate in the new structure.
