Viral video: Better.com CEO fires 900 employees in US and India over Zoom call; Watch
CEO Garg, who established Better.com in 2016, stated on the call that if you are a part of it, you are among the unfortunate individuals that are being let off.
During a three-minute Zoom call, the CEO of a mortgage lending firm unexpectedly dismissed over 900 employees in the United States and India. According to CNN, Better.com CEO Vishal Garg announced on Wednesday that around 9% of the company's workers had been laid off. "I came to you with bad news. The market has changed, and we must adapt it to survive, so that we may hopefully prosper and deliver on our objective," he said as the CEO made the sad news.
He blamed the firings on market efficiency, performance, and productivity. Garg, who established Better.com in 2016, stated on the call that if you are a part of it, you are among the unfortunate individuals that are being let off. He also stated that their job is terminated with immediate effect and that employees could expect correspondence from HR outlining perks and severance.
"This is the second time in my career that I've done anything like this, and I don't want to do it again. I sobbed the last time I did it. "I'm hoping to be stronger this time," he remarked.
As a result of the cost-cutting operation, around 15% of its employees in New York have lost their employment. Garg stated that this is the second wave of layoffs he has conducted. A video of the Zoom call has gone viral on the internet. CFO Kevin Ryan said in a statement to CNN Business said that to conduct layoffs is gut-wrenching, especially this time of year. An employee who appears to have been present at the meeting taped the phone call and uploaded it on social media. This was startling news that arrived shortly before the Christmas season.