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CEO of US-based mortgage company fires over 900 employees on Zoom call

ANI | Updated: Dec 06, 2021 23:17 IST


Washington [US], December 6 (ANI): Vishal Garg, the Indian origin Chief Executive Officer (CEO) of US-based mortgage provider company Better.com has fired around 900 of his employees over a Zoom call.
According to CNN, in a recording of the video call that happened on Wednesday, Garg could be heard saying, "If you're on this call, you are part of the unlucky group that is being laid off. Your employment here is terminated effective immediately."
He then stated that employees could expect an HR email detailing their benefits and severance. Garg had reportedly cited market efficiency, performance and productivity as the reason behind the firings.

"This is the second time in my career I'm doing this and I do not want to do this. The last time I did it, I cried," Garg said on the call.
Later, in a statement to CNN, Kevin Ryan, CFO said, "Having to conduct layoffs is gut-wrenching, especially this time of year. However, a fortress balance sheet and a reduced and focused workforce together set us up to play offense going into a radically evolving homeownership market."
Reports suggest that among those who were fired were the diversity, equity and inclusion recruiting team.
Due to the ongoing COVID-19 pandemic, several individuals have lost employment, which is a major setback given that they are already in financial distress due to the health crisis. Job losses in such a time are only going to exacerbate the problem.(ANI)

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