Citi is planning to cut 950 jobs in its default mortgage service divisions across the country, as part of its effort to consolidate the business. The move by Citi came after it decided to sell servicing rights of around 64,000 residential first-mortgage loans back to Fannie Mae. The job cuts include 200 in Fort Mill, South Carolina, and about 50 in Hagerstown, Maryland.

The remaining 600 job cuts may occur by year-end in Hagerstown, with another 180 in Fort Mill. The affected employees will be allowed to apply for other jobs in the bank and will be offered severance if unable to find jobs.