Compass has internally announced that it is in the process of laying off 10 percent of its full-time team.
While no agents will be let go, some 450 employees are expected to be laid off.
In addition to the layoffs, the company is said to be pausing expansion. In its new SEC filing, Compass also noted that it will be shuttering title and escrow software company Modus Technologies.
“Due to the clear signals of slowing economic growth we’ve taken a number of measures to safeguard our business and reduce costs, including pausing expansion efforts and the difficult decision to reduce the size of our employee team by approximately 10 percent,” a Compass spokesperson said, as reported by CNBC.