Mortgage Company CEO Fires 900 Employees Via Zoom, Including Diversity Hiring Team | Eastern North Carolina Now | More than 900 employees of mortgage company Better.com were invited to a Zoom webinar last Wednesday, where CEO Vishal Garg announced they would all be fired effective immediately.

Coronavirus Disease 2019 (COVID-19)
    Publisher's Note: This older, but yet to be published post is finally being presented now as an archivable history of the current events of these days that will become the real history of tomorrow.

Publisher's Note: This post appears here courtesy of the The Daily Wire. The author of this post is Ashe Schow.

    More than 900 employees of mortgage company Better.com were invited to a Zoom webinar last Wednesday, where CEO Vishal Garg announced they would all be fired effective immediately.

    CNN Business reviewed a recording of the call, in which the employees were fired just weeks before the holidays.

    "If you're on this call, you are part of the unlucky group that is being laid off," Garg said during the meeting. "Your employment here is terminated effective immediately."

    He also told the employees that they would be receiving an email from the human resources department detailing their benefits and severance.

    Garg then told the people on the call that market efficiency, performance, and productivity were the reasons they were being fired. Fortune reported that days after the firing, Garg "posted a series of messages seen by Fortune on an anonymous professional network," in which he accused the fired employees of "stealing" from coworkers and customers due to their unproductivity. The outlet reported that he claimed at least some of those who were fired had only worked two hours a day.

    CNN reported that the call firing the employees was "short and emotionless."

    "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 during the call, apparently showing no emotion.

    The outlet also reported that the diversity, equity, and inclusion recruiting team was among the fired employees, a rarity for companies these days, who often hire more and more people to improve diversity, with little to no discernible effect.

    Better CFO Kevin Ryan told CNN that "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," he added.

    CNN reported that Garg's leadership has been questioned before:

    Garg has been involved in controversy before, as evidenced by an email he sent to staff that was obtained by Forbes.

    "You are TOO DAMN SLOW. You are a bunch of DUMB DOLPHINS... SO STOP IT. STOP IT. STOP IT RIGHT NOW. YOU ARE EMBARRASSING ME," he wrote.

    The Daily Beast reported in August that one of Garg's most "loyal lieutenants" received massive perks, such as millions of dollars worth of stock options that could be vested immediately, not comparable to other employees. That person was later placed on administrative leave for bullying.


    Forbes reported in November 2020 that "Ongoing lawsuits accuse Garg or entities he controls of improper and even fraudulent activity at two prior business ventures, and of misappropriating 'tens of millions of dollars.'"

    Goldman Sachs, which invested in three rounds of funding for Better, accused Garg of "flagrant self-dealing," but quietly dropped its legal claims in October 2020.

    The recent layoffs amount to 9% of Better.com's workforce.

    The Daily Wire is one of America's fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a member.
Go Back

HbAD0

Latest Op-Ed & Politics

Rep. Liz Cheney’s (R-WY) role on the January 6 committee is sparking heavy resentment from voters in her home state far from Washington, D.C.
A federal Appeals Court will not block the N.C. Green Party from appearing on the general election ballot.
Famed neurosurgeon Ben Carson, who served as former President Trump’s secretary of Housing and Urban Development, blasted the FBI raid on Trump’s Mar-a-Lago home on Monday, comparing the action to those of infamous communist tyrants Mao Zedong and Fidel Castro.
Sen. Tom Cotton (R-AR) addressed the Biden administration’s latest controversy, flying illegal aliens across the U.S. in the dead of night, by saying that the administration was desperately trying to avoid the public seeing what they are doing because it is a political disaster for them.
President Joe Biden’s Attorney General, Merrick Garland, announced Thursday afternoon that he personally approved the FBI search warrant on the home of former President Donald Trump this week and that the Department has moved to unseal the search warrant.
Ted Budd Validates the Charlotte Observer’s Reporting that Working Families are FREAKING OUT About How the Inflation Caused by Biden Policies Supported by Beasley are Crushing Family Budgets And, of Course, the TV Ad Reeks of Cinematic Excellence

HbAD1

Former Democratic presidential candidate Tulsi Gabbard ripped the Biden-Harris administration for statements she said promoted the use of puberty blockers for children.
N.C. Republican Congressional delegation outraged at FBI raid on former President Donald Trump's Mar-a-Lago home in Florida.
Virginia Democratic gubernatorial candidate Terry McAuliffe cut an interview short on Tuesday with a local news station after the interviewer asked McAuliffe questions that he apparently did not want to answer.
Inflation remains at a 40-year high, and while Congress prepares to spend hundreds of trillions of dollars more, families across North Carolina are struggling with the higher costs of getting their children ready to return to school.
Monkeypox cases continue to rise in New York City, prompting officials to declare a public health emergency on Saturday while estimating that approximately 150,000 Big Apple residents face possible exposure.
Its now indifferent to human suffering, to life and death

HbAD2

The “Inflation Reduction Act,” which passed the U.S. Senate on Sunday, is set to pass the U.S. House tomorrow, and the final version will not contain guarantees that those making under $400,000 per year will avoid any resulting new taxes.

HbAD3

 
Back to Top