5 Investors Betting Big on Palantir (PLTR) Stock Right Now. Insider reported some employees found out they were being laid off when their bank statements received direct deposits for severance payments or when they abruptly lost access to their work computers. The division is largely focused on purchase mortgages because of its relationship with the brokerage. Some of the latest and notable casualties came from real estate marketplace giant Zillow, consumer lender Finance of America, and international vacation rental company Vacasa. Sie knnen Ihre Einstellungen jederzeit ndern. Country United States. Anywhere Real Estate ( HOUS) announced more layoffs in a filing Tuesday. Zeus has raised more than $150 million from investors like Picus Capital and Y Combinator since it opened in 2015. Since it started in 2018, the company has raised more than $500 million from investors such as LiveOak, Javelin Ventures, and KeyStone Bank. First Guaranty Mortgage Corp., a Plano, Texas, lender, laid off 80% of its employees, The Dallas Morning News, and paused making new loans in late June, fueling speculation that the company was going to go bankrupt. The company also said on November 9 that it was shutting down its home-flipping, or iBuying, business, called RedfinNow. Century 21 Results expands Georgia state footprint with acquisition of Century 21 Fox Properties in Savannah. You also have the option to opt-out of these cookies. On average, they anticipate the company's share price to reach $9.00 in the next twelve months. A laid-off employee talked to Insider's Zoe Rosenberg about their experience. By clicking Subscribe you agree to our Privacy Policy. Woods said the company was "reacting to market conditions.". Sunsetting RealSure marks another blow to the iBuying sector, which has been riddled with leadership shake-ups and earning shortcomings as the housing market has cooled in the past seven months. The news prompted a class-action lawsuit from laid-off employees who said they hadn't received paychecks for their last few weeks of work. Delivering the company's business model more digitally is an increasing part of our improving the consumer experience and our ongoing cost focus, the company said. var para = document.createElement("p"); Required fields are marked *. For full functionality of this site it is necessary to enable JavaScript. Most housing economists expect a depressed market in the winter and spring, with inventory levels expected to remain low and mortgage rates to remain elevated. The company has raised more than $335 million from big-name investors such as homebuilder Taylor Morrison and private equity firm Blackrock, according to Crunchbase. Anywhere Real Estate Inc. (HOUS) is priced at $7.86 after the most recent trading session. The company had planned to go public at a $2 billion valuation but instead raised $70 million in equity and $150 million in debt in a private funding round that included the movie director M. Night Shyamalan as one of the investors. The layoffs come approximately 18 months after the startup cut more than 60% of its labor force due to business impacts resulting from COVID. Since opening its doors in 2014, the proptech startup has raised more than $108 million from investors that include Ribbit Capital, Zigg Capital, and Ovo Fund. Brokerage conglomerate Anywhere Real Estate enacted a major force reduction on Monday, the latest big cut made in the last six months. Opendoor, the company that pioneered the model, said in November it lost $928 million in the third quarter of 2022. var wpcf7Elm = document.querySelector( '.wpcf7' ); according to the Mortgage Professionals of America Magazine. Part of our ongoing cost management includes evaluating business initiatives, finding simplification and efficiencies, and right sizing the enterprise to be in line with demand.. Finance of America Mortgage, a multichannel mortgage lender headquartered in Plano, Texas, laid off hundreds of employees between the second and third quarters of 2022, HousingWire reported in August. Despite the round of layoffs, the company's staffing total will still likely be 20% above last year's, he added. Necessary cookies are absolutely essential for the website to function properly. This last year was a tough one for the real estate industry as many companies were forced to lay off staff because high mortgage rates depressed homebuying demand. Anywhere shared a copy of the message to employees with Real Estate News. On October 26, Zillow laid off an additional . In filings with the Securities and Exchange Commission, Compass announced a 10% cut . The layoffs primarily impacted employees in Zillow Offers, its sales team, and staff at Zillow Home Loans, the company's mortgage lending arm. Anywheres staff cuts come days after Compass took similar measures with a wave of layoffs of its own. With signs of distress spreading through the office market and among homebuilders, and rate hikes anticipated well into 2023, layoffs are mounting. Anywhere did a round of layoffs in August. biggest factor may be across the world in China.Most Read from BloombergMicrosoft to Cut Engineering Jobs This Week as Layoffs Go DeeperApple Delays AR Glasses, Plans . The company provides home-repair services for other businesses, such as property managers and large corporate landlords. What Real Estate Layoffs Tell Us About The Housing Market. var ca = document.querySelector( '#contactAuthor' ); To streamline and focus our strategic investments for todays environment, we are winding down select initiatives, including RealSure.. Join the conversation Cancel reply Cancel reply. "And while we may be navigating a once-in-40 year market transition, it doesn't take away the difficulty, frustration, and sadness downsizing brings.". The company's chief financial officer, Mike Santomassimo, appeared to forecast further layoffs during its first-quarter earnings call. Layoffs were not mentioned in a July earnings call, where Anywhere CFO Charlotte Simonelli noted the company was targeting $70 million in savings after deploying cost-cutting moves in the first two quarters. Anywhere Advisors is a full-service residential real estate brokerage with brands in many of the largest metropolitan areas in the U.S. NYSE:HOUS #WeAreAnywhere. In 2021, Anywhere Title Group generated $924 million in service revenue, a 67% increase from 2017. The companys stock is down nearly 60 percent over the past year. It operates through three segments: Realogy Franchise Group, Realogy Brokerage Group and Realogy Title Group. In December, CEO Vishal Garg cut 900 employees via Zoom meeting, a move that made headlines around the world. It was already trimming staff over the summer, when about 25 salespeople received pink slips. All rights reserved. Mathew Woods, CEO of ApartmentList.com, announced on LinkedIn on August 31 that the company was laying off 29 people, or approximately 10% of its workforce. This is the Real Estate From Anywhere company profile. He added, Looking forward, as we head into a worsening housing market, we continue to be proactive in preparing for that environment. Anywhere is just the latest real estate firm to undergo layoffs this summer. This website uses cookies to improve your experience while you navigate through the website. Delivering the companys business model more digitally is an increasing part of our improving the consumer experience and our ongoing cost focus.. Real Estate Marketing The Complete Guide To Survive and Thrive in 2023; Best Practices Learn and get certified on the fundamentals of real estate; Assistants Real Estate Services: Sector: Real Estate: Employees: 9,665: CEO: Ryan Schneider: Contact Details. While most of the layoffs have struck the residential-purchase market, companies focused on rentals haven't escaped unscathed. Whether that results in a housing market crash many economists have prognosticated, remains to be seen. Companies in tech and finance, sectors currently laying off workers, tend to have . It is unclear how many employees have taken the buyout offers. Seattle-based home inspection startup Inspectify laid off 16 people on November 28 as rising interest rates and low homebuyer demand cooled-off the red-hot housing market, according to the Puget Sound Business Journal. Click below to receive the latest real estate news and events directly to your inbox. Durch Klicken auf Alle akzeptieren erklren Sie sich damit einverstanden, dass Yahoo und unsere Partner Ihre personenbezogenen Daten verarbeiten und Technologien wie Cookies nutzen, um personalisierte Anzeigen und Inhalte zu zeigen, zur Messung von Anzeigen und Inhalten, um mehr ber die Zielgruppe zu erfahren sowie fr die Entwicklung von Produkten. While the exact number of workers laid off wasnt disclosed, Anywhere Real Estate said that companys overall workforce has been reduced by 11% since June 30, 2022. In his message to staff, Schneider wrote that Anywhere is reimagining our real estate brokerage offices to be more efficient, accessible, and integrated with transaction services, like title and mortgage, which means we can provide fewer but more impactful agent and consumer support hubs.. var wpcf7Elm = document.querySelector( '.wpcf7' ); Keller Williams reaches settlement in cold calling suit, The housing markets unlikely darling: Hartford, Connecticut, 6 questions to ask sellers at a listing appointment, The must haves on every luxury homebuyers list, First inventory uptick of the 2023 season, 3 variables that will influence 2023s housing market, Century 21 Results expands Georgia footprint, Analytics firm Plunk expands home valuation tools, Zillow Groups ShowingTime+ plans to up agents marketing game, Mike Staver announced as Gathering of Eagles keynote speaker. Opendoor also offered laid-off employees job transition services and a severance package that includes at least 10 weeks of pay. During its second-quarter earnings call with investors,Anywhere executivestook note of the larger headwinds impacting the industry, but argued they have a business built to make money in any market environment. "My lingering thought is that whatever the impacts of the IPO and the impacts of our rapid expansion across the country, the impacts of the market on our futures is just that those impacts didn't seem to be handled appropriately, or in the best manner for the associates' longevity with the company," they said. All in all, New York City's commercial real estate brokers are starting to feel the walls close in. Zeus Living, a furnished home rental company, laid off 64 employees on October 20 as the company continues to seek profitability and sustainable growth, according to the San Francisco Business Times. Anywhere Real Estate has laid off an unknown number of employees as the company streamlines amid choppy market conditions. In the first quarter, the company reported one of the best starts to a year in its history with $23 million in net income, on the heels of a blockbuster 2021 in which it profited $343 million. Keller Williams reaches settlement in cold calling suit, The housing markets unlikely darling: Hartford, Connecticut, 6 questions to ask sellers at a listing appointment, The must haves on every luxury homebuyers list, First inventory uptick of the 2023 season, 3 variables that will influence 2023s housing market, Century 21 Results expands Georgia footprint, Analytics firm Plunk expands home valuation tools, Zillow Groups ShowingTime+ plans to up agents marketing game, Mike Staver announced as Gathering of Eagles keynote speaker. Citing worsening trends in the housing market, the company said it executed a meaningful workforce reduction. The company did not say how many staff members lost their jobs or the divisions affected, but acknowledged that the overall reductions since June amounted to 11% of the companys workforce. The company, which has said it still plans to go public this year, announced voluntary buyouts for employees in some positions and departments in April. "Rising interest rates have impacted the nation's home mortgage industry including Amerifirst," Mark Jones, the company's CEO, told MiBiz in a statement. Compass previously announced it laid off 10% of its workforce about 450 employees in June as residential transactions slowed down. The Realogy Franchise Group segment franchises its residential real estate brokerages under . Sue Yannacone, Anywhere Brandspresident, will expand her role to oversee Coldwell Banker. The award is based entirely on current employee feedback with more than 1,600 responses from employees across the . Yesterday, we said goodbye to a number of our great people whose roles were eliminated, said Schneider in a company-wide email Tuesday that was shared with RISMedia. Commercial real estate brokerage JLL laid off employees from its New York and Chicago offices in November, but it remains unclear how many employees were impacted, Bisnow reported, citing multiple sources. Apartment listing services are facing mounting economic pressure. as well as other partner offers and accept our, Jeffrey Greenberg/Universal Images Group via Getty Images, E. Jason Wambsgans/Chicago Tribune/Tribune News Service via Getty Images, Evelyn Hockstein/For The Washington Post via Getty Images, company's former chief operating officer's claims, ccording to a SEC filing reviewed by Insider, filed for Chapter 11 bankruptcy protection, according to a LinkedIn post from the company. While Anywhere didnt specify how many employees would be impacted by the firings, it indicated that its workforce had been reduced by roughly 11% since late June last year. Anywhere-Real-Estate-2. Well, this morning New Jersey-based real estate brokerage, Anywhere Real Estate, announced it made a meaningful reduction to its workforce on Monday. It then offered more generous commission splits, and by the third quarter of 2017 was paying $53 million more to its brokers. Anywhere has been on a cost-cutting campaign since 2019, according to materials previously released by the company. The move comes nearly a year after Zillow laid off 25% of its workforce after shuttering its iBuying program known as Zillow Offers. Vacasa has struggled to become profitable since going public in 2021. Not only have we focused on cost reduction every year for the past four years, but in both Q2 and here again in Q3, we increased our cost reduction for this year as we saw the market deteriorating.. The hot housing market that has been expanding since the start of the pandemic also pushed the number of real estate agents in the U.S. to a record high, according to the National Association of . The company has since announced another wave of layoffs, cutting 3,000 more employees in March. according to the Phoenix Business Journal. We're still hiring in key technology-related roles across the company.". Overall, employment at the company has declined by 27% since April 30, the memo said. Anywhere Real Estate Inc. HOUS, +2.93% said in a filing Tuesday it has reduced its work force by 11% since June 30 including a "meaningful" reduction on Monday. Anywhere said it was also winding down its RealSure program. Article printed from InvestorPlace Media, https://investorplace.com/2023/01/housing-market-layoffs-2023-what-to-know-about-the-latest-comp-hous-job-cuts/. The company revealed it has cut 11% of its workforce since June, alongside several other major realty businesses. Anywhere is the parent company of some of the world's leading real estate brokerage brands and service businesses. At December 31, 2021, approximately 585 of our employees were located outside of the U.S., almost all of whom were employed by Cartus Relocation Services. Interfirst Mortgage, a lender based in Chicago, Illinois, plans to let go of 75 employees next month due to rising interest rates, reports Housing Wire. "); Design by Real Estate Webmasters. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. This, of course, comes as a consequence of the Federal Reserves monetary tightening. In June, the rental marketplace Zumper cut 15% of its staff, mostly in the sales and customer-service departments, The Real Deal reported. The cutbacks are sobering for an industry that just a year ago was flying high with home-price appreciation, increasing rents and plentiful funding for proptechs. Fully-furnished apartment provider, Landing, conducted a second round of layoffs on December 14, although it is unclear how many employees were let go, according to a report by AL.com. The real estate giant announced in a Tuesday SEC filing that it would implement meaningful workforce reductions while also sunsetting its iBuying brand, RealSure. For full functionality of this site it is necessary to enable JavaScript. Your email address will not be published. As demand wanes, its only natural to see layoffs in the industry. The company added that it plans to focus on software-based solutions. Their HOUS share price forecasts range from $7.00 to $11.00. Anywhere is the parent company of some of the world's leading real estate brokerage brands and service businesses. The move comes after the company let go of 110 employees on October 6 and reshuffled another 70 positions to different parts of the country. document.getElementById('contactAuthor').className = 'my-4 collapse'; Anywhere Real Estate has kicked off the new year with layoffs. To streamline and focus our strategic investments for todays environment, we are winding down a few select initiatives, including RealSure, said Anywhere CEO Ryan Schneider in a company-wide email Tuesday that Anywhere shared with RISMedia. "We do not take these decisions lightly, but we continuously assess our business, striving to optimize our resources and teams to be efficient and align with our priorities," a company spokesperson told Insider. The Seattle-based company has raised more than $310 million since it opened in 2016. Top editors give you the stories you want delivered right to your inbox each weekday. Zillow laid off 300 employees as the company pivots to focus on hiring technology and engineering staff, TechCrunch reported on October 26. Tomo, a mortgage startup that focuses on lending to home purchasers, laid off 44 people, or almost one-third of its workforce, in May, Insider previously reported. The move comes just months after the company announced it would cut more than $400 million in costs during its Q3 earnings call in October, real estate publication The Real Deal reported. Redfin, RE/MAX, Keller Williams and Compass have all cut their staff in the past three months, with Compass most notably laying off its chief technology officer Joseph Sirosh. It had been losing agents and missed earnings projections in the fourth quarter of 2016, according to MarketWatch. In a statementto HousingWire explaining the 420-employee layoffs, CEO Alessandro DiNello cited interest rates rising "at the fastest rate this century." Check out the Layoffs.fyi Tracker for a complete list of all tech layoffs during the pandemic. Yesterday we said goodbye to a number of our great people whose roles were eliminated. In earnings reports and investor presentations, executives said they were dialing back debt and looking to boost profitability, with a target of trimming expenses by $70 million by the end of this year and by more than $300 million through the end of 2026. MULN Stock Alert: Why Are Investors Suing Mullen Automotive? Offerpadthe other major player in the sectorsaw its three-quarter profitability streak end in Q3, and the company received a notice of non-compliance from the New York Stock Exchange (NYSE), indicating that the iBuyer was in violation of a requirement that listed stocks remain above $1 a share. "This week, we have made the difficult but necessary decision to eliminate a small number of roles and will shift those resources to key growth areas around our housing super-app. As part of itscost cutting efforts, Anywhere executives on the third quarter earnings call said the firm has been evaluating its agent commission split structure. 2023 RISMedia. In all, Interfirst Mortgage has laid off nearly 500 employees over the last 12 months, according to a report by Crain's Chicago Business. January 10, 2023. According to the LinkedIn post of a former Anywhere employee affected by the most recent round of layoffs, a number of Talent Acquisition and Human Resources were affected. . These cookies do not store any personal information. The company disclosed in an SEC filing that it made workforce reductions Monday because of the downturn in the real estate market. Anywhere Real Estate Inc. (formerly known as Realogy Holdings Corp.), has unveiled the company's newly renovated headquarters. In December 2022, Anywheres closed homesale sides overall dropped 41% compared to December 2021. Reology, by comparison (now known as Anywhere Real Estate ), which owns Corcoran, Sotheby's, and Coldwell Banker, among others, reported $23 million in profits in the first quarter of 2022.. In the first quarter of 2022, the company's mortgage originations were down 40% from the first quarter of 2021. }, false ); All rights reserved 2023 The Real Deal is a registered Trademark of Korangy Publishing Inc. Anywhere has been trying to weather the market changes like many in the industry. Anywhere Real Estate, Inc., the parent company of well-known real estate brokerages such as Coldwell Banker and Century 21, announced on January 10 that it has laid off 11% of its workforce since June 2022 as the housing market continues to struggle, a filing with the SEC shows. The San Francisco-based company has raised more than $1.5 billion since it was founded in 2017 and is backed by large investment firms such as Andreessen Horowitz and Tiger Global Management. Site by. Anywhere declined to share which departments were impacted by. Anywhere Real Estate has kicked off the new year with layoffs. Below is a recap of the latest tech layoff news. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Anywhere Real Estate Inc. HOUS: Raising target price to $6.00 ANYWHERE REAL ESTATE INC has an Investment Rating of SELL; a target price of $6.000000; an Industry Subrating of Medium; a. January 10, 2023 . Since its founding in October 2020, Pacaso has raised more than $1.5 billion in seven funding rounds, with more than $1.3 billion coming from debt. All Rights Reserved. The company raised a $100 million Series B round in August 2021. The move comes just one month after the company let go of 371 employees from its Chicago and North Carolina offices. The aggressive interest-rate hikes by the Federal Reserve and a looming recession have resulted in layoffs galore across the real-estate world, whose stormy seas have triggered worry elsewhere in the economy. The move comes after the company laid off 6% of its staff of almost 6,500 in June. Copyright 2023 InvestorPlace Media, LLC. In an 8K report filed with the Securities and Exchange Commission, Anywhere said the layoff was "driven by worsening trends in the housing market.". The company said it had a meaningful workforce reduction but did not disclose how many employees were terminated during this round of cuts. It is now on the hook for $2.9 billion, with most of it coming due at the end of the decade. Brokerage conglomerate's headcount is down 11% since June 30. In that regard, real estate has closely mirrored the tech industry, which has also seen its fair share of Fed-induced layoffs this past holiday season. Recent industry forecasts predict significant declines in existing home sales in 2023, said the company, referring to forecasts by Fannie Mae and the Mortgage Bankers Association. Headquarters Madison, New Jersey. Veev said in a press release that it raised the capital to expand its operations in the US. Anywhere's staff cuts come days after Compass took similar measures with a wave of layoffs of its own. CEO Johnny Hanna said the changing real-estate market and record-low inventory contributed to the decision to trim staff. Anywhere layoffs troubling sign for pinched real estate sector. The filing comes days after Compass announced its third wave of layoffs since June 2022. Aside from losing nearly $1 billion in the third quarter, Opendoor was seemingly dealt another blow as Eric Wu, the companys CEO and co-founder, relinquished his position at the helm to run its Marketplace while President Andrew Low Ah Kee resigned. The company that was founded by Audrey Gelman and Lauren Kassan in 2016 raised more than $117.5 million in funding from investors such as WeWork and Sequoia Capital. Axel Springer, Insider Inc.'s parent company, is an investor in Zumper. If accepted, the buyouts are expected to save Rocket about $180 million per year, executives said on a first quarter earnings call in May. "A layoff is awful but we can't avoid it," Redfin CEO Glenn Kelman wrote. Commercial real estate finance platform Lev laid off 30 employees on December 7, which represents approximately 30% of the company's workforce, according to a report by The Real Deal. wpcf7Elm.addEventListener( 'wpcf7submit', function( event ) { Homie, an online discount brokerage in Utah, laid off another 40 employees from its Salt Lake City location in October. The move comes just five months after FlyHomes let go of 20% of its staff, or about 200 people, in July. The company has raised $213 million since its founding in 2015, most recently a $130 million Series D last year. The layoffs came a year after Rhino raised $95 million in a round led by 2021's most active venture investor, Tiger Global Management. The announcement follows similar decisions by Zillow and Redfin, which both recently announced the closure of their iBuyer services. The online mortgage lender Better started laying people off earlier than most of the companies on this list. The firm, whose subsidiaries include Century 21, Coldwell Banker, Corcoran Group and Sotheby's International, said it "executed a meaningful workforce reduction" on Monday. At the very opening of the session, the stock price was $7.39 and reached a high price of $7.88, prior to closing the session it reached the value of $7.26. A spokesperson declined Insider's request to comment on the move. Join the conversation Cancel reply Cancel reply. Read on to find out more information. The layoffs will impact 378 employees about 27% of the company's workforce as rising interest rates result in a significant decrease in volume from its customers. To streamline and focus our strategic investments for todays environment, we are winding down a few select initiatives, including RealSure. Anywhere is among a group of larger brokerages that are battening down the hatches through cost reductions. Real estate conglomerate lays off an undisclosed number of employees August 26, 2022, 12:34 pm By Brooklee Han It appears Anywhere Real Estate is not immune to the housing market slowdown. Formerly known as Realogy, our company's transformation is guided by a deep commitment to reimagine the consumer experience at any point in their home buying and selling journey -- helping to empower everyone's next move. Opendoor laid off 550 employees on November 2, according to a blog post on the company's website. Commercial real estate behemoth CBRE conducted a round of layoffs in mid-December, although it is unclear how many workers have been impacted, according to LinkedIn posts from former employees. Even in a much tougher housing market, Anywhere delivered the solid profitability and free cash flow that we believe the market is increasingly valuing, CEO Ryan Schneider said in a prepared statement. Rocket Companies Co., Ltd. To avoid layoffs, Rocket Companies Inc., the country's largest mortgage lender, offered a takeover offer to about 2,000 workers in April.If accepted, the acquisition is expected to save the rocket About $ 180 million annually Executives said in May's first-quarter earnings announcement. More than 47 million US workers voluntarily left their jobs in 2021, according to the US Department of Labor. The Real Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry. In its annual report, the New Jersey-based company reported having 9,665 full-time and 165 part-time employees as of Dec. 31, 2021. As property managers and large corporate landlords amid choppy market conditions. `` of almost 6,500 in June streamline. To our Privacy Policy Realogy Title Group generated $ 924 million in service revenue, a 67 increase... Above last year 's, he added, anywhere Title Group generated $ 924 million service. 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Employees via Zoom meeting anywhere real estate layoffs a move that made headlines around the &. Zoom meeting, a 67 % increase from 2017 companies in tech and finance, sectors currently laying workers! Many employees were terminated during this round of layoffs since June, alongside several other major realty businesses after company... Have n't escaped unscathed laid-off employees who said they had n't received paychecks for their last few weeks work. Announced its third wave of layoffs of its staff, or iBuying, business, called.. A major force reduction on Monday, the New Jersey-based company reported having 9,665 full-time and part-time. Insider 's Zoe Rosenberg about their experience agree to our Privacy Policy in... Also have the option to opt-out of these cookies past year of larger that. Off 550 employees on November 9 that it made workforce reductions Monday because of its own to know the... People whose roles were eliminated managers and large corporate landlords earnings projections in the industry reduction on Monday, company! Who said they had n't received paychecks for their last few weeks of work unknown of... Spokesperson declined Insider 's request to comment on the hook for $ 2.9,! Korangy Publishing Inc its founding in 2015 hikes anticipated well into 2023, layoffs are mounting the changing market. = 'my-4 collapse ' ; anywhere Real Estate news and events directly to inbox. ' ).className = 'my-4 collapse ' ; anywhere Real Estate enacted a force... Cutting 3,000 more employees in March, false ) ; all rights reserved 2023 Real... About the housing market, the New year with layoffs % from the first quarter of 2016 according... With Real Estate news and events directly to your inbox each weekday technology and engineering staff, reported... Its relationship with the Securities and Exchange Commission, Compass announced a 10 % of its workforce since June.... Job transition services and a severance package that includes at least 10 of... Made headlines around the world & # x27 ; s staff cuts come days after Compass announced its wave.
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