PennyMac Financial Services layoffs, on the record
Every job cut, severance charge and restructuring PennyMac Financial Services reported in its annual reports, 2023 to 2025, quoted from the filings. Headcount went from approximately 4,100 to approximately 4,900.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2024 | approximately 4,100 | the end of fiscal year 2024 |
| 10-K for 2025 | approximately 4,900 | the end of fiscal year 2025 |
Job cuts, severance and restructuring
Our summaryCompensation expense decreased, primarily due to work force reductions necessitated by reductions in loan production and decreased incentive compensation accruals due to reduced staffing levels.
Word for word“Compensation expense decreased $158.3 million and $264.6 million in the year ended December 31, 2023, and 2022, respectively, compared to 2022 and 2021, respectively, primarily due to work force reductions necessitated by reductions in loan production and decreased incentive compensation accruals due to reduced staffing levels and lower achievement of profitability targets.” 10-K for 2023
Our summaryThe company recorded severance expense within compensation costs.
Word for word“Severance 7,637 18,797 156 Incentive compensation 95,790 135,461 248,551” 10-K for 2023
PennyMac Financial Services has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from PennyMac Financial Services’s annual reports (10-K for 2025, 10-K for 2024, 10-K for 2023) and the financial data it files with the SEC, as of 2026-02-20. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.