New Brunswick Tribune

Wednesday, January 26, 2022

Over Zoom, Better.com’s CEO terminates 900 employees

The CEO of Better.com fires 900 employees

Key takeaways:

  • Better.com CEO Vishal Garg revealed on a Zoom webinar on Wednesday that the mortgage company is laying off about 9% of its staff.
  • Garg has been in the news previously, as indicated by an email he sent to his team that Forbes obtained.

Better.com On a Zoom webinar on Wednesday, CEO Vishal Garg stated the mortgage company is cutting off around 9% of its personnel, unexpectedly alerting the more than 900 employees on the call that they would be laid off shortly before the holidays.

“If you’re on this call, you’re part of the unfortunate group that’s being laid off,” Garg said on the call, which CNN Business was able to listen to. “Your job with us has been terminated with immediate effect.”

He said that employees should receive an email from HR outlining benefits and severance packages.

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In a statement to CNN Business, CFO Kevin Ryan said, “Having to undertake layoffs is gut-wrenching, especially this time of year.” “However, a fortress balance sheet combined with a smaller, more focused workforce positions us to play offense in a rapidly changing homeownership market.”

The firings, according to Garg, were due to market efficiency, performance, and productivity. According to Fortune, Garg later accused the employees of “stealing” from their coworkers and clients by being inefficient and barely working two hours per day.

“This is the second time I’ve done this in my career, and I don’t want to do it again. I sobbed the last time I did it, “Garg stated during the call, which was brief and emotionless.

Over Zoom, the CEO of Better.com fires 900 employees
Over Zoom, the CEO of Better.com fires 900 employees. Image from Google

The diversity, equity, and inclusion recruiting staff were among those sacked.

The Softbank-backed mortgage lender said in May that it would go public via a SPAC, and as part of the arrangement, it received US$750 million in cash last week. The corporation expects to have a balance sheet of more than $1 billion.

Garg has been in the news previously, as indicated by an email he sent to his team that Forbes obtained.

“You are TOO DAMN SLOW. You are a bunch of DUMB DOLPHINS… SO STOP IT. STOP IT. STOP IT RIGHT NOW. YOU ARE EMBARRASSING ME,” he stated.

According to The Daily Beast, one of Garg’s most “faithful lieutenants” was given significant bonuses, including millions of dollars in stock options that could be vested immediately, which were not available to other employees. After being accused of bullying, the person was placed on administrative leave.

Source: CTV News

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