Christmas and the rest of the New Year is looking bleak for 900 employees who were reportedly fired over a Zoom call.
Vishal Garg, chief executive of US mortgage company, Better.com told employees via video:
“Hi everyone, thank you for joining. 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 it from me. It’s been a really, really challenging decision to make. This is the second time in my career that I’m doing this and I do not want to do this. The last time I did it I cried. This time I hope to be stronger. But we are laying off about 15% of the company for [a number of] reasons: the market, efficiency and performances and productivity.
“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 then reportedly said the employees could expect an email from HR with details of severance and benefits, as per The Guardian.
According to Forbes, Kevin Ryan, Better.com CFO, said in a statement that the company only laid off 9% of its employees and 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.”
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