Compass Is Eliminating More Jobs as US Housing Market Slows
The brokerage’s latest layoffs are its third round of job cuts in less than a year as higher borrowing costs cool the real estate market.
Robert Reffkin, founder and chief executive officer of Urban Compass Inc., speaks during a conference in New York.
Photographer Cate Dingley/Bloomberg
Compass Inc. is cutting more jobs as it battles a sluggish real estate market and tries to get costs under control.
The New York-based real estate brokerage, battered by the US housing slowdown, said it had “implemented a further workforce reduction” as part of its ongoing cost reduction initiative, according to a filing Thursday. The company said its US technology engineering team was not impacted by the layoffs and that it will incur costs of $10 to $12 million for severance and other benefits for employees whose jobs are being eliminated.