Mon. Jan 17th, 2022

Better.com CEO Vishal Garg announced that the mortgage company is laying off about nine percent of its workforce at a Zoom webinar on Wednesday, where they suddenly informed the more than 900 employees about the call they completed just before the holiday.

“If you’re on this call, you’re part of the unfortunate group being fired,” Mr Garg said during the call, one footage of which was seen by CNN Business.

“Your employment here is terminated with immediate effect.”

Zoom call generic.
900 better employees were told that their contract was terminated via a Zoom call. (Included)

He then said employees could expect an email from HR with detailed information on benefits and severance pay.

“Having to make layoffs is stomach-churning, especially at this time of year,” CFO Kevin Ryan said in a statement to CNN Business.

“But a fortress balance and a reduced and focused workforce combined enabled us to play offensively into a radically evolving homeowners market.”

Garg cited market efficiency, performance and productivity as the reason for the layoffs. Fortune later reported that Garg accused employees of “stealing” from their colleagues and customers by being unproductive and only working two hours a day. “

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 that, I cried, “Mr Garg said during the call, which remained short and numb.

Among those fired was the recruitment team for diversity, justice and inclusion.

The Softbank-backed mortgage lender announced in May that it would go public through a SPAC and last week received $ 750 million in cash as part of the deal.

The company is poised to have more than $ 1 billion on the balance sheet.

Better.com CEO Vishal Garg fired 900 employees via a Zoom call last week. (Better.com)
Garg has been involved in controversies before, as one can see email he sent to staff which was obtained by Forbes.

“You are TOO AMAZINGLY SLOW. You are a bunch of STUPID DOLPHINES … SO STOP IT. STOP IT. STOP IT RIGHT NOW. YOU ARE GIVING ME FLOVER,” he wrote in the email.

The Daily Beast reported in August that one of Garg’s most “loyal lieutenants” received massive perks, such as stock options worth millions of dollars that could be earned immediately, not comparable to other employees.

Tambo resident Steve O'Connor took this incredible picture of a storm system carrying down Langlo Road last Sunday

Incredible instant storm hits the Gold Coast

He was later given administrative leave for bullying.

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