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Industry News Articles

Citi cut 1,000 jobs mortgage business

24 September 2013

Citigroup is to make 1,000 job cuts in its mortgage business after higher interest rates caused a fall in demand for refinancing.

The majority of the cuts will come from the firm’s Las Vegas and Irving, Texas offices.

Rising US interest rates have seen fewer people changing their mortgage terms and there is still uncertainty around the strength of a pick-up in new applications.

Third quarter revenues are expected to be hit by the fall in mortgage refinancing with JPMorgan Chase forecasting a decline of 20-30%, quarter on quarter in mortgage banking revenues.

Integrated FUSION & Attendance System

Borer's FUSION Time & Attendance is a smart application that automates the error processes related to monitoring employees working time. It enables you to apply attendance rules with the accuracy, and provide management with real time data along with the functionality to control cost of human resources and improve productivity.

60% of HR professionals put absence management at the top of their agenda. According to a survey by the Confederation of British Industry (CBI), absence costs nearly £500 per employee a year, at a cost of £12.2 billion to the UK economy.

Borer's FUSION Time & Attendance provides a complete look into the different types of employee absence, from holidays to maternity leave, illness to lateness. FUSION T&A includes a comprehensive set of attendance reports. As a result, you can make decisions regarding policy enforcement, workforce deployment and performance.

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Access Control Systems using Power over Ethernet (PoE) Technology from Borer