Six weeks after the two companies merged into a mega-brokerage, layoffs began taking place at both brands last week and continued this week, multiple past and present employees at both companies told Inman.
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Six weeks after Compass closed on its acquisition of Anywhere Real Estate, multiple current and past employees have confirmed to Inman that there are ongoing layoffs taking place at both brands in recent days.
While the extent and intent of the cuts aren’t immediately clear, the layoffs are taking place across many levels of both companies, according to several sources. One source added to Inman that the cuts were “widespread” and impacted “entire teams,” meaning “no one knows who to go to anymore.”
In response to questions from Inman about the layoffs, Compass confirmed that there were ongoing “adjustments.”
“We continuously assess our business needs to align resources effectively and focus on the areas that will create the most value for our real estate professionals,” a spokesperson from Compass International Holdings. “Post-merger, adjustments are being made to strengthen our operations and focus on our strategic priorities.”
Inman heard from employees still working at each of the two companies, and several who were laid off as recently as Wednesday. The past and present employees, many of whom worked on both companies’ software engineering teams, asked to speak on the condition of anonymity to discuss personnel matters.
The workforce changes appear to be ongoing in near real-time, with some employees confirming that they received word Wednesday that they were still employed while others were notified they were laid off the same day. Inman first received a tip last week that layoffs had begun.
“There’s been no direct communication from Compass leadership about the layoffs or how priorities are shifting post-merger, which has left a lot of people feeling in limbo,” one existing employee told Inman.
Two employees said there has been no company-wide announcement about the ongoing changes. Others said even team managers appear to be in the dark about what’s changing.
In some ways, the cuts weren’t unexpected. When the proposed merger was first announced, Compass said that it expected to realize over $225 million in “synergies” and other efficiencies within three years of the combination.
The change also comes as Compass International Holdings gets in place its leadership team after assembling the mega-brokerage.
Still, multiple impacted Compass employees said they were caught off guard.
“We were told that Compass employees would be safe during the merger so this is a big shock to everyone,” said one now-former Compass employee, who asked to speak anonymously. “We were short-staffed for the big initiatives this year anyways, so it’s a surprise to all of us.”
The ongoing layoffs also follow several recent changes in company leadership.
Earlier this month, Inman first reported that former Anywhere CEO Ryan Schneider had left the company in the wake of the merger.
Compass International Holdings confirmed to Inman that Schneider left “in accordance with the terms of the merger agreement” when the deal closed.
Rudy Wolfs, Anywhere’s Chief Technology Officer, also left the company following the deal’s close, the company confirmed.
Tim Gustavson, Anywhere’s Chief Accounting Officer, was named this week to the same position within Compass International Holdings, starting Monday.
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