“Following Mr. Cooper’s acquisition, we carefully reviewed our combined structure, identified overlapping roles and made the difficult decision to streamline teams,” the company said in a statement. HousingWire.
Rocket completed the $14.2 billion acquisition in early October – approximately 51% higher than the valuation announced in March – after completing all necessary approvals. Jay Bray became the president and CEO of the subsidiary Rocket mortgage.
As of December 2024, Mr. Cooper had about 7,900 employees in the U.S. and India, while Rocket had about 14,200 team members, according to filings with the Securities and Exchange Commission (SEC).
The company has since added Redfin with the $1.75 billion acquisition of all shares in the real estate brokerage and implemented a 2% layoff in July to achieve synergies.
According to the company, these workforce reduction decisions were not taken lightly, but reflect changes “necessary to build a focused organization going forward.”
Social media posts from former employees – many of which now show the “Open to work” banner – suggests recruitment and corporate program management roles were among those affected. Some of the affected employees had been with the company for more than five years.
Rocket is offering affected employees a severance package that includes twelve weeks’ pay, plus one additional week for each year of service, along with ongoing benefits for up to twelve months. Departing employees will also receive career coaching and job search assistance, the company said.
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