SoFi slashes mortgage workforce

P2P lender Social Finance (SoFi) cut 5% of its mortgage staff this week in a move that will primarily affect its offices in Healdsburg, Calif., and Utah.

The company will be pink-slipping about 65 mortgage workers in all, according to a San Francisco Business Times report. However, SoFi spokesman Jim Prosser insisted the layoffs weren’t a sign of things to come.

“Coming off a record-breaking 2017, we’ve made some changes to staffing to ensure we have the right people in the right roles and locations to power our growth,” Prosser told the Business Times. “We’re currently hiring for over 175 ope4nings across SoFi, investing in both existing and new products for our members.”

SoFi entered the mortgage sector in 2014, but was mired in scandal last year when multiple allegations surfaced that the company had a toxic culture of sexual harassment and misogyny. After initially proclaiming that the company would not tolerate sexual harassment, CEO Mike Cagney became entangled in the scandal when allegations about his own behavior surfaced. The controversy led to Cagney’s ouster and the departure of several other senior execs.

The company recently announced that Anthony Noto, former COO of Twitter, would be stepping in as CEO starting March 1.

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