Compass inc, New York headquartered real estate brokerage company has announced that it plans to cut 10% of its overall workforce.
Based on the company’s current LinkedIn profile, this layoff seems to impact 450 employees and will be happening over this month in stages.
The company said these layoffs will add an additional burden on its revenue from $21.5 million to $23 million in costs for its second quarter – mentioned in its 8K filing. This decision was in regards to the US housing market, Which began to cool with the increasing interest rates and less borrowing the company said.
Redfin has also made its decision to lay off 6% of its workforce in a 8-k filing it did to the SEC on Tuesday.
Compass was co-founded in 2012 by Robert Reffkin, a former Goldman Sachs Group Inc. banker who sought to build a tech-enabled real estate brokerage.