Compass is reeling from a horrible year, from financial losses to tech troubles to mass layoffs

Hello, my name is Matt Turner, and I am the editor-in-chief of business at Insider. Insider Weekly is back with a roundup featuring some of our most popular stories. We reported Friday that Goldman Sachs would cut up to 4,000 jobs. Insider's finance team has been following the Wall Street giant's problems in its consumer business for over a year. They will continue their sharp coverage of Goldman Sachs and its competitors. This week's edition is a quick read that covers the top stories from the Street as well as the latest news on industry parties and hot-spot restaurants. Sign up today! Sign up if this was sent to you. Get Insider's App here. Inside Compass' terrible year Robert Reffkin (CEO and cofounder of Compass) Senior correspondent Daniel Geiger reports that the company's revenue reached $6 billion in 2006. This was a significant leap over rivals Redfin and Douglas Elliman. The company's outlook is now bleak. Compass has reduced staff and spent cash to offset falling home sales amid rising interest rates. Compass' market cap dropped to $1 billion. It laid off 450 corporate employees in June and another half of its 1,500-person tech staff in October. This missive sank morale. "This message is a real stumbling block for the organization. The full memo can be found here. Page, the party animal, and the island-hopping hermit Getty. Marianne Ayala/Insider In 2019, Google cofounders Larry Page (Google's parent company Alphabet) decided to resign. Page spent much of the pandemic on his private island in Fiji. Brin, however, has never been far from the spotlight and attended flashy events such as Burning Man. Read more about Page and Brin's use of their freedom. Tyler Le/Insider Despite the fact that the tech sector has been hit hard by mass layoffs, which have affected over 140,000 workers since March (by one count), the vast majority of those who have been laid off have not stayed on the sidelines long. Revelio Labs, which provides workforce-data, found that 72% of those who were laid off have found new work within three months. Surprisingly, just over half of those laid off workers have found new jobs that pay more than the wages they earned in their previous jobs. Insider's Aki Toto explains how this is possible. While activists may appear to have the wind in their sails, experts such as Icahn explain why it's not so easy. On August 10, 2021, tourists carrying shopping bags stroll through Times Square in New York City. Alexi Rosenfeld/Getty Images Young adults are staying at home due to high rental costs, delayed marriage, and enrollment in higher education programs. A staggering half of Americans aged 18 to 29 live with their parents. This is a record high that has not been seen since the Great Depression. Analysts found that the rent they save is allowing them to spend more discretionary income, which is fueling an increase in luxury spending. Edited and edited by Jordan Parker Erb, Hallam bullock, and Lisa Ryan. Register for more Insider newsletters by clicking here.