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Redfin, Compass Deliver Pink Slips Amid Slowing Market

Thursday, Jun 16 2022
Originating
Written by  The Mortgage Leader

Faced with rising rates and falling sales, real estate companies Redfin and Compass have each unveiled a round of layoffs. So reports CNBC.

redfinRedfin disclosed an 8% staff reduction and Compass a 10% cut. Each revealed the information in filings with the Securities and Exchange Commission.

“With May demand 17% below expectations, we don’t have enough work for our agents and support staff, and fewer sales leaves us with less money for headquarters projects," Redfin CEO Glenn Kelman wrote in a blog post on the company’s website.

Read the full article from CNBC.

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