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Redfin, Compass Deliver Pink Slips Amid Slowing Market

Thursday, Jun 16 2022
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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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