While Dan Gilbert's Rocket Mortgage is still profitable, it's profits fell nearly two-thirds in the first quarter of 2022 compared to the same stretch last year.
As a result, Rocket announced plans to "incur a one-time charge of $50 million to $60 million" by buying out upwards of 1,000 employees, Crain's Detroit Business reports. It has about 26,000 employes.
The company, originally named Quicken Loans, expects the "voluntary career transition program" to save about $45 million per quarter. No timeline has been announced publicly for the cuts.
In this year's first quarter, Rocket Mortgage reported net income of $1 billion, compared to $2.7 billion last year.