Consultancy and investment firm CBRE has announced lay-offs of its staff in Spain. It is being reported that around 60 of the company’s 860 Spanish staff members have been let-go from the Architecture, Retail and Residential departments.
According to Idealista News, CBRE claims the redundancies are not related to the economic crisis brought on by Covid-19, but are in fact:
“A planned move according to our planning for 2022” [translated from Spanish]
The LA-based real estate consulting giant also let staff go from its Spanish office in 2011 during the financial crisis. The company may be looking to triage its global operations in the wake of a huge fall in stock value from 5-year highs of $64 dollars in early March to $34 on the 20th of March, a drop that to date it has struggled to recover from.