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Compass Eliminates More Jobs as Real Estate Brokerage Seeks to Cut Costs

  • Biggest reductions came from technology team, CEO says
  • Compass will take pre-tax cash charge of up to $26 million
Robert Reffkin

Robert Reffkin

Photographer: Cate Dingley/Bloomberg
Updated on

Compass Inc. cut more jobs, part of cost-reduction moves by the real estate brokerage as it aims to turn a profit even in a weakening US housing market.

Chief Executive Officer Robert Reffkin said in a memo obtained by Bloomberg that the biggest reduction was in the technology team. Compass said Tuesday in a regulatory filing that it estimates it will take a pre-tax cash charge of about $23 million to $26 million for severance and other benefits for employees being terminated during the third quarter. A company spokesman declined to disclose how many employees were being laid off.