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Real Estate Brokerage Compass Slumps as CEO Reffkin Plots Out More Cost Cuts – Bloomberg

Compass Inc., the real estate brokerage led by Robert Reffkin, is taking new cost-cutting measures as it seeks to generate positive cash flow in a slowing US housing market.

The New York-based company said it would implement a cost-cutting strategy that should save the brokerage about $320 million in expenses next year, according to an earnings release Monday. The move, which should be completed by the end of the year, follows earlier measures, announced in June, that included a 10% reduction of Compass’s salaried workforce. 

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