Pagaya job cuts ‘prudent move’ in volatile environment, says MoffettNathanson

MoffettNathanson analyst Eugene Simuni tells investors in a research note that Pagaya announced a workforce reduction of about 20%, which is broad-based and effects both the company’s Tel Aviv and New York offices. The analyst, who made no change to the firm’s Market Perform rating, says the workforce reduction is a prudent move in a still volatile macro environment.