Clear Capital

Clear Capital laid off 250 employees representing approximately 25% of its workforce on 2023-01-25.

Clear Capital, a real estate valuation technology company, laid off approximately 378 employees, representing 27% of its global workforce, in October 2022. The company, which had around 1,400 employees, primarily cut roles from its operational team. CEO Duane Andrews cited a restructuring to reduce expenses and adapt to a challenging housing market, driven by rising interest rates that significantly decreased customer volume in the mortgage industry. The layoffs followed a hiring freeze, with executives noting that anticipated work volume recovery did not materialize, making the cuts a last resort amid uncertain market conditions.