CitiFinancial Closes Auto Loan Office

About thirty employees have been let go as CitiFinancial closed its doors on a local auto loan office. The company closed their regional auto buying center Wednesday, located at Dry Creek and Chester in Centennial.

With the current market being what it is for auto loans, many thought that it would only be a matter of time before layoffs started. CitiFinancial is expected to only be the first of many that are going to have to start downsizing.

The auto loan underwriting office was not the only thing feeling the pinch. The company also laid off five employees at their Aurora production office and let go more than 800 employees from another auto division.

The company says that they are trying to “strengthen” their “capital base” and in order to do that they have to work on “reallocating capital.” One of those ways would be to remove many of their jobs from their payroll.

Due to current financial conditions, they are looking to be more careful about who they give auto loans to, and are aware that they will be writing less. This means less work for their employees and thus fewer employees are needed.



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