Eastdil resorts to layoffs amid CRE slowdown
Rise in interest rates has cooled dealmaking
Eastdil Secured is going through a round of layoffs as the investment banking firm deals with the slowdown in commercial real estate sales.
Eastdil is laying off about 7 percent of its global staff, according to sources familiar with the cuts. The number of affected employees could not be immediately determined. Eastdil employs more than 500 people globally.
A spokesperson for the company declined to comment.
The cuts were said to be across various job functions at the firm and not contained to one specific group. Eastdil has grown 40 percent since the end of 2019, one source said, and company leaders consider the reduction to be a rightsizing to align staff levels with the current level of business.
Eastdil expects this to be the only round of cuts, the source said. The company went through an earlier round of layoffs soon after the pandemic hit in 2020, cutting about 35 jobs.