Get Instant Loan up to ₹10 Lakh!
CEO fires over 900 employees on Zoom call, says ’this is the second time I’m doing this in my career’
'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,' Better.com CEO Vishal Garg said on Zoom call
Washington: 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."
"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.
Mr Garg said staff performance and productivity, and market changes lay behind the mass-firing of what he said was 15% of Better.com's workforce.
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.
Garg's LinkedIn profile describes him as the “founder and CEO of Better, the first and only digital-first homeownership company whose goal is to make the home more affordable, more accessible and just plain-better, for all americans and eventually everyone else,”
Garg, who has studied finance at the NYU Stern School of Business, also claimed in his bio that Better.com “grew over 400% in 2020 to over $20 bln in annual origination and are growing 3x again in 2021.”
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.
Catch all the Business News , Corporate news , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
Business NewsCompaniesNewsCEO fires over 900 employees on Zoom call, says ’this is the second time I’m doing this in my career’
First Published:7 Dec 2021, 06:20 AM IST
- Top Gainers
- Top Losers
- 52 Week High