Washington: Vishal Garg, Indian-origin chief executive officer (CEO) of US-based mortgage provider Better.com, has fired around 900 of its employees over a Zoom call.
According to CNN, in the recording of the video call that took place on Wednesday, Garg can be heard saying, “If you are on this call, you are part of the unlucky group that is being laid off. Your employment here is effective.” has been terminated immediately.
Garg said on the call, “This is the second time in my career that I am doing this and I don’t want to do it. The last time I did it, I cried.”
Mr. Garg said that employees’ performance and productivity, and changes in the market, accounted for what he said was 15% of Better.com’s workforce.
Then he added that employees can expect HR emails detailing their benefits and severance. Garg reportedly cited market efficiency, performance and productivity as the reasons behind the firing.
Garg’s LinkedIn profile describes him as “the founder and CEO of Better, the first and only digital-first homeownership company that aims to make the home more affordable, more accessible, and just plain-better for all Americans and ultimately all.” “
Garg, who studied finance at the NYU Stern School of Business, also claimed in his bio that Better.com “has grown over $20 billion in annual originations by more than 400% in 2020 and again in 2021.” is increasing by leaps and bounds.”
Due to the ongoing COVID-19 pandemic, many individuals have lost employment, which is a major setback as they are already in financial crunch due to the health crisis. Losing a job at such a time will only add to the problem.
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