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| LendingTree slashed about 20 percent of its workforce in an effort to align costs with the current mortgage market environment.
On Friday, the mortgage lead generation company notified approximately 440 employees that their jobs were eliminated, spokeswoman Rebecca Anderson told MortgageDaily.com in an e-mail statement. “The mortgage market has changed dramatically in the past quarter, and today’s layoff was necessary to adapt to today’s conditions and keep our costs in line with the realities of the current market,” Anderson wrote. “It was a proactive step to make sure we remain a sustainable, growing business.” Prior to the cuts, the company had a staff of about 2,200, she added. The layoffs occurred across LendingTree’s three main locations: Charlotte, N.C., Irvine, Calif., and Jacksonville, Fla., according to the statement. The staff reduction comes exactly a week after Tom Reddin left the post of chief executive officer. He said he would resign from the position about six weeks ago, the statement said. The Charlotte-based company generated its 20 millionth lead last September. |
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