Citigroup is shedding 150 positions from its office in Fort Mill, S.C. – nearly 20 percent of the regional branch’s total workforce. The layoffs – first reported by The (Charlotte, N.C.) Observer – are said to be in the branch’s mortgage loss mitigation department.
“New York-based Citi said the layoffs are part of a companywide cost-cutting plan announced in December,” Deon Roberts of The Observer noted. “In that announcement, Citi said that it planned to slash 11,000 jobs worldwide.”
Sources tell FITS additional job losses at the facility are likely within the coming months.
This is the second major job loss announcement to hit the York County town this month. Two weeks ago, ETC Logistics USA announced it was moving its operation out of Fort Mill – possibly to Florida – costing the state at least 100 positions.
It’s also the second financial services layoff to take place this month. Two weeks ago, JP Morgan Chase announced it was laying off 450 employees at its Florence, S.C. location – the third round of firings that have claimed the jobs of 1,100 Pee Dee workers since January.
Expect Palmetto State Democrats to pounce on the news – particularly in light of this month’s weak South Carolina employment report, the latest in a string of bad news for Haley.
Earlier this year, a report ranked South Carolina as one of the worst states in America try and make a living. Other recent reports showed the Palmetto State as having a terrible business tax climate as well as zero upward mobility for its citizens. And while Haley has been more than willing to throw taxpayer money at large corporations, a recent analysis of private sector job creation among America’s governors ranked her No. 34 out of 45 (five governors were excluded from the study because they took office in 2013).
One of those five governors, North Carolina’s Pat McCrory, recently signed a massive $2.5 billion tax cut – which will only further diminish South Carolina’s competitive position.