California-based lender LoanDepot is laying of 42% of its overall workforce ~ around 4,800 Employees.
The company released this information mentioned in their business plan made available to the public on Tuesday, that the company is letting go of 4,800 employees.
“After two years of record-breaking volumes, the market has contracted sharply and abruptly in 2022,” loanDepot CEO Frank Martell said in a statement. “We are taking decisive action to meet this challenge head on.”
The company had a total headcount of 11,300 full-time employees, which will now be slashed to 6,500. Anthony Hsieh made a recent purchase of a waterfront Miami Beach mansion in January for $30mn and another unit at 1000 museum in Miami for $19.5mn.
LoanDepot predicts to be in the profit zone by the end of 2022. The company is yet to release its second-quarter earnings in the first week of August.