Meridian Capital hit with round of layoffs
Brokerage made cuts to “a small number” of support staff and back-office roles
Meridian Capital, the city’s most active debt brokerage, has decided to reduce “a small number” of support and back-office roles as the COVID-19 pandemic grinds the economy to a halt.
“The unprecedented economic realities of this public health emergency have touched literally every sector of the economy,” read a statement Meridian provided to The Real Deal. “ Businesses on every level have a fiduciary responsibility to chart a course today that will ensure it can be a strong participant in the recovery that will follow tomorrow.”
Meridian is by far the most active debt brokerage in the city. But it gets there by doing a high volume of relatively smaller deals, which requires a large workforce.
Some other brokerages in the city have already made moves to cut costs.
Compass last week laid off 15 percent of its staff. Realogy also temporarily cut the salary and work week of a “majority of our employees,” the company disclosed in a regulatory filing last week.