The CEO of an online mortgage lender fired 900 of his employees in a brutal Zoom call - then slammed them over being so lazy they effectively 'stole' from customers.

Vishal Garg axed around nine per cent of New York mortgage firm Better.com's workforce last Wednesday, including its entire diversity, equity and inclusion team, which deals with complaints about racism and sexism in the workplace.

The blunt call saw Garg say: 'This isn't news that you're going to want to hear...If you're on this call, you are part of the unlucky group that is being laid off. Your employment here is terminated effective immediately.'

Garg, 43, had warned what lay ahead for staff during the three minute call, telling them: 'I come to you with not great news. The market has changed, as you know, and we have to move with it in order to survive so that hopefully, we can continue to thrive and deliver on our mission.

'This isn’t news that you’re going to want to hear. But ultimately it was my decision. And I wanted you to hear from me. It’s been a really, really challenging decision to make.

'This is the second time in my career I’m doing this and I do not do not want to do this. The last time I did it, I cried. This time, I hope to be stronger. We are laying off about 15% of the company for a number of reasons — the market, efficiency and performances and productivity.' A firm spokesman later corrected the boss's figure, and said that the actual proportion of staff who'd been laid off was nine per cent.
One axed worker filmed the call and shared it online, complete with a moment where they cursed at Garg, who owns at least $1 billion in equity, as he confirmed the mass lay-offs at Better.com, whose headquarters sits in Manhattan's World Trade Center.

The unidentified male worker could be heard to say 'F**k you dude. Are you f**king kidding me?'

Garg, who is married with children, wielded the ax while blaming market fluctuations, despite a $750 million cash infusion the mortgage company received last week.

But he also hinted at issues with 'performance and productivity,' and uploaded a scathing blog post which saw him lash his staff for being idle.

He wrote: '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?'

'They were stealing from you and stealing from our customers who pay the bills that pay our bills. Get educated,' he added.

Garg also said market efficiency, performance, and productivity were to blame for the firings, adding that it was necessary for the company to 'move in order to survive.'

A Better.com spokesman declined to comment further on the mass-firing when approached by TechCrunch, except to correct the percentage of company that had lost their jobs during the meeting.

Better, which is backed by Softbank, received a $750 million cash infusion last week, after announcing in May it was going public through a Special Purpose Acquisition Company (SPAC). The company now has a valuation of $7 billion.

Garg is no stranger to controversy. Last year, Forbes obtained emails in which Garg reportedly called employees 'too damn lazy.' In August, The Daily Beast reported that he had threatened to burn a business partner alive.
Better.com provides 'fast, low-fee approvals for mortgages,' according to its website.

In a statement to the network in the aftermath of the firings, Garg said: 'Having to conduct layoffs is gut-wrenching, especially this time of year.'

'However, a fortress balance sheet and a reduced and focused workforce together set us up to play offense going into a radically evolving homeownership market.

rajiedreez:
Garg is no stranger to controversy. Last year, Forbes obtained emails in which Garg reportedly called employees 'too damn lazy.' In August, The Daily Beast reported that he had threatened to burn a business partner alive.
Better.com provides 'fast, low-fee approvals for mortgages,' according to its website.

In a statement to the network in the aftermath of the firings, Garg said: 'Having to conduct layoffs is gut-wrenching, especially this time of year.'

'However, a fortress balance sheet and a reduced and focused workforce together set us up to play offense going into a radically evolving homeownership market.

source:https://www.dailymail.co.uk/news/article-10278811/Better-com-fires-900-employees-zoom-call-despite-750-million-cash-infusion.html

https://www.youtube.com/watch?v=ao3zs41aB_M

The zoom call video

Just like that?






Will there be compensations?

Not surprised , na indian man

Dem dey brutal and very economical. Freelance writers would understand better

Can Zoom connect 900 persons at once..

Shwooo

Interesting

Covid really did some company dirty, I wish them best of luck in their future job hunt.

SmartyPants:


Try to read the post to avoid sounding silly.

The company just received a cash injection of 750 million.

Shut up, you are the silly one here.

That they raked in 750 million last week is nothing special to a business that has thousands of employees, do you think they started planning to sack 900 people a week ago

Some of you are just too dumb and emotional at the same time.

Put the blame on buhari

boobsdik:
Not surprised , na indian man

Dem dey brutal and very economical. Freelance writers would understand better

I swear. They are slave drivers. It's their culture.

On the other hand they are adept at squeezing a lot out of little resources. They aren't wasteful.

He has done his worst, then what next?

Both the employer and majority of sacked employees are at fault.
Imagine 250 employees working for 2 hours and enjoying full day pay that to in Manhattan

Reason you should own your own business.

People like you should strive to get a degree in crime and investigation. Oil dey your head.

ademasta:
Can Zoom connect 900 persons at once..

Penguin2:
Reason you should own your own business.

Exactly

ademasta:
Can Zoom connect 900 persons at once..

mumu get educated

See ehn just get hand work work hard build a business and you'd be okay.

boobsdik:
Not surprised , na indian man

Dem dey brutal and very economical. Freelance writers would understand better

Indians......

Only experience can tell you who they really are. After Workig with Indians, I started having bouts of anxiety on hearing those Bollywood songs......took me a long time to recover.

Eventually the Indian "Boss" got fired and I got recalled to replace him. That helped me recover from the trauma.

Psycho

Stingy Indian man, after raking home up to $750 million last week.

Dem nor dey use their money play.

To even get Indian client hard gaan

Na the client go even bill you

If it be possible, everyone should own their business.

Na why some prefer owning their biz.

NoFucksToGive:


mumu get educated

idiot y call him mumu you no fit correct person with love

ademasta:
Can Zoom connect 900 persons at once..

it can, on pro subscription.

ademasta:
Can Zoom connect 900 persons at once..

yes I think it's even 1000 it can accommodate at a time