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
Photographer: Cate Dingley/BloombergThis article is for subscribers only.
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.