Realogy cuts salaries and work week to avoid layoffs

The economic impact of coronavirus has hit Realogy — but not in the form of layoffs. The brokerage giant will temporarily cut the salary and work week of a “majority of our employees,” the company disclosed in a regulatory filing Wednesday. The parent company of the Corcoran Group, Coldwell Banker and Sotheby’s International Realty will also pull back on marketing expenses and delay investments in certain strategic initiatives as it grapples with the economic fallout

source https://therealdeal.com/2020/03/25/realogy-cuts-salaries-and-work-week-to-avoid-layoffs/