Compass Cuts More Jobs As 2023 Outlook Dims
New York-based real estate brokerage Compass Inc. announced a third round of layoffs Thursday as part of its ongoing cost-cutting strategy in the face of a housing slowdown. Compass CEO Robert Reffkin has made major investments in technology as part of its business strategy in the competitive residential brokerage industry. According to reports, the cuts will leave the tech side of the company largely untouched. The layoffs, which began last June, are part of what Reffkin has said will be a $320 million cost-cutting plan. Compass is a major player in some large urban markets like New York and Los Angeles, with more than $250 billion in sales in 2021, according to RealTrends. However, over the past six weeks, the…