The Federal Home Loan Bank of Chicago said it would begin layoffs to boost its net income for this year by $4.1 million.
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In a filing Wednesday with the Securities and Exchange Commission, the bank did not say how many of its 455 employees it plans to let go, and a spokeswoman declined to comment.
The Chicago bank has more employees than any other Home Loan bank but has been dogged by problems related to its mortgage program.
The Federal Housing Finance Board, which regulates the 12 Home Loan banks, began scrutinizing the Chicago bank's $37.9 billion mortgage partnership finance program last month amid concerns over interest rate risk management.
