Doma – Digital title insurance, escrow, and closing provider is laying off another 515 workers in the third round of layoffs in less than 8 months. This time impacting approximately 40% of its current workforce.
In the recent 8K filing – the company announced its reduction plan to generate savings of $85 million – $90 million, beginning of the first quarter of 2023.
“The Reduction Plan is intended to generate estimated annualized compensation expense savings of between $85 million – $90 million and additional long-term facility related expense savings, beginning in the first quarter of 2023. The Reduction Plan includes the elimination of approximately 515 positions across the Company, or approximately 40% of the Company’s current workforce. ” the company said in its 8k filing on Tuesday.
The company’s second round of layoffs occurred in August, shedding around 250 employees at that time and the first round of layoffs in May – which impacted around 315 employees.