Rocket Companies announced a company-wide layoff affecting roughly 2% of its workforce, following the $1.75 billion acquisition of Redfin. A spokesperson indicated that the layoffs stemmed from a review of overlapping roles within the newly combined organization. As of December 31, 2024, Rocket employed 14,263 individuals, a decrease from 14,700 the previous year. Laid-off employees, including those in recruiting, product management, and software engineering, will receive severance and transition support. In contrast to other publicly-traded mortgage lenders, Rocket's workforce declined over the past year.
Following the Redfin acquisition, we carefully reviewed our combined structure, identified overlapping roles and made the difficult decision to streamline teams, a spokesperson wrote.
Social media posts from former employees indicate that roles in recruiting, product management and software engineering were among those affected.
Laid-off employees will receive 12 weeks of severance pay, plus one additional week per year of service, along with continued health benefits for up to 12 months.
Among eight publicly-traded mortgage lenders, all companies had a workforce increase in the past year, except for Rocket.
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