Advertisement

Updated December 6th, 2021 at 19:44 IST

Mortgage firm Better.com CEO Vishal Garg fires 900 employees over Zoom call; WATCH

In a Zoom call conversation, the CEO of an online mortgage lender Better.com, Vishal Garg fired 900 staff members of the firm & chastised them for being lazy.

Reported by: Rohit Ranjan
Better Mortgage
Image: Twitter/@betterdotcom | Image:self
Advertisement

In a Zoom conversation, the CEO of an online mortgage lender Better.com, Vishal Garg fired 900 staff members of the company, then chastised them for being lazy, as per the reports of Daily Mail. Last Wednesday, Vishal Garg laid off around 9% of Better.com's employees, including the company's entire diversity, equity, and inclusion team, that handles workplace complaints about racism and sexism.

Garg started the zoom call by stating that this is not the news that his employees want to hear. He further said that those who are on this call, are among the ones who will be laid off. The 43-year-old CEO explained that the market has shifted, necessitating drastic cuts. One of the fired employees recorded the call and posted it online, according to Daily Mail. Garg followed up with a harsh blog post in which he criticised his employees that at least 250 of the employees worked an average of two hours a day while clocking 8 hours+ a day. He further said that they were robbing the clients who pay the expenses. Garg allegedly termed employees 'too lazy'.

'Firing the employees was difficult'

The Better.com CEO had previously stated in a Zoom call that firing the staff was difficult for him and that he hoped he would not cry as he did in the past. He stated this is the second time he has done this in his career, according to Daily Mail. Garg cited many reasons, including the market, efficiency, performance and productivity, to lay off the employees. He claims that the company began evaluating staff productivity statistics four weeks ago.

Garg also warned that surviving employees' performance will be closely scrutinised. One employee told Fortune that the CEO's tone was quite aggressive and intimidating. One of the employees stated that it was simply bizarre and disturbing. Garg claims that he did not threaten the employees, however, he did agree that the company was paying more attention to productivity metrics. The company's board of directors and investors, according to Garg, were completely supportive of the layoffs and the manner in which they were handled.

The company is currently worth $7 billion dollars

Thousands of new clients were looking for rapid ways to secure a loan during the pandemic, and Better.com, which gives pre-approval on a mortgage in minutes, saw its stock price jump as a result of the saturated house buying market and low-interest rates, according to Daily Mail. The company is currently worth $7 billion dollars.

Image: Twitter/@betterdotcom

Advertisement

Published December 6th, 2021 at 19:36 IST

Your Voice. Now Direct.

Send us your views, we’ll publish them. This section is moderated.

Advertisement
Advertisement

Trending Quicks

Advertisement
Advertisement
Advertisement
Whatsapp logo