“Following the Mr. Cooper acquisition, we carefully reviewed our combined structure, identified overlapping roles and made the difficult decision to streamline teams,” the company said in a statement to HousingWire.
Rocket closed the $14.2 billion acquisition in early October — about 51% higher than the valuation announced in March — after completing all necessary approvals. Jay Bray became the president and CEO of subsidiary Rocket Mortgage.
As of December 2024, Mr. Cooper employed roughly 7,900 workers across 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 its $1.75 billion all-stock acquisition of the real estate brokerage and implemented a 2% layoff in July to achieve synergies.
According to the company, these decisions of reducing workforce weren’t made lightly, but reflect changes “needed to build a focused organization in the future.”
Social media posts from former employees — many now displaying the “Open to Work” banner — suggest that roles in recruiting and business program management were among those affected. Some of the impacted staff had been with the company for more than five years.
Rocket is offering affected employees a severance package that includes 12 weeks of pay, plus one additional week for each year of service, along with continued benefits for up to 12 months. Departing employees will also receive career coaching and job search assistance, the company said.
