Blend Labs to cut 10% of its workforce

Shares of Blend Labs Inc. were little changed in morning trading Tuesday, after the San Francisco-based banking software company disclosed that it will cut 200 jobs, or about 10% of its workforce, as part of its plan to cut costs and “better align its operating structure with its business activities.” The company said the job cut plan is to streamline its title operations and reduce its general and administrative functions. The jobs that were cut represent annualized expenses of about $35.4 million. The company said it expects to record a $6.7 million charge, including cash payments for benefits and severance, as a result of the job cuts. The stock has tumbled 35.7% year to date, while the S&P 500 has lost 7.7%.

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