Multiple sources reported earlier this month that the chief executive of a New York City-based mortgage company laid off 900 employees during a video conference call.
According to a video of the meeting.The founder of Better.com, Vishal Garg, told hundreds of his employees that he did not have “great news.”
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And he didn’t. To say the least.
“The market has changed, as you know, and we have to move with it in order to survive,” Garg said during the video conference.
“This isn’t news that you’re going to want to hear…If you’re on this call, you’re part of the unlucky group being laid off.”
“Your employment here is terminated effective immediately,” Garg added, while saying it pained him to make the decision.
CNN Business reported, “Garg cited market efficiency, performance and productivity as the reason behind the firings. Fortune later reported Garg accused the 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 it, I cried,” Garg said on the call.
“The Softbank-backed mortgage lender announced in May it was going public through an SPAC and last week received $750 million in cash as part of the deal. The company is prepared to have more than $1 billion on its balance sheet,” CNN Business noted.
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According to Fortune, Garg also accused some employees of “stealing.”
“You guys know that at least 250 of the people terminated were working an average of 2 hours a day while clocking 8 hours+ a day in the payroll system,” Garg said, Fortune reported.
Garg added, “They were stealing from you and stealing from our customers who pay the bills that pay our bills.”
“Get educated,” Garg said.
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