Barron’s headline: Redfin and Compass Slash Jobs as Housing Market Slows
By Angela PalumboFollow
Updated June 14, 2022 7:07 pm ET / Original June 14, 2022 12:50 pm ET
Redfin $RDFN said in a blog post on Tuesday that they have asked 6% of their employees to leave the company. In an 8-K filed Tuesday, the company said the decision was due to market conditions. Redfin said it expects the workforce reduction, which equals about 470 people, to be completed by the end of the month.
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Compass (COMP) said in an 8-K that it was committed to a workforce reduction plan and will eliminate roughly 450 positions, which is approximately 10% of the company’s current workforce.