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Redfin to Lay Off 121 Mortgage Employees, Buy Bay Equity

Redfin has signaled that 121 people in its mortgage business will lose their jobs as the company braces for the acquisition of California mortgage lender Bay Equity Home Loans. So reports RISMedia.

redfinThe $135 million cash-and-stock deal for Bay Equity is projected to close in the second quarter of this year, Redfin said in a news release and public filing.

Redfin said laid-off workers could seek re-employment within other business units or receive 12 to 26 weeks of severance based on tenure. The job cuts will reportedly cover about $7 million in costs and deal advisory fees of roughly $3.5 million.

Read the full article from RISMedia.

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