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Last Wednesday, Garg mass fired 900 mortgage employees on a Zoom webinar. “I failed to show the appropriate amount of respect.”

“I realize the way I communicated this news made a difficult situation worse. While Garg says he owns the decision to furlough the workers, he is sorry that his communication was less than tactful and apologised for embarrassing his employees. Bucky with the Good Arm December 3, 2021 The firm also got a $750 million cash infusion from its backers THIS WEEK, which include /F8EfSkCRF6 CEO lays off ~900 employees right before the holidays and ahead of the company’s public market debut. “I failed to show the appropriate amount of respect and appreciation for the individuals who were affected and for their contributions to Better,” said Vishal Garg, chief executive of mortgage firm in a statement ( PDF). "They were stealing from you and stealing from our customers who pay the bills that pay our bills," he added.The boss of a startup mortgage website who fired 900 employees over a Zoom call last week has apologised after coming under fire for how he handled the mass layoffs. "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?" he wrote in a blog post on the network Blind. Mr Garg reportedly lashed out at his staff later for being "lazy and unproductive". "We are laying off about 15% of the company for a number of reasons - the market, efficiency and performances and productivity."Ī spokesman later corrected the 15 per cent figure, saying the actual number was closer to 9 per cent. This time, I hope to be stronger," he said. "This is the second time in my career I'm doing this and I do not do not want to do this. Vishal Garg: “I wish I didn't have to lay off 900 of you over a zoom call but I'm gonna lay y'all off right before the holidays lmfaooo” /6bxPGTemEG- litquidity December 5, 2021Īccording to Daily Mail, Mr Garg said during the three-minute call that the decision to fire 900 employees was a "challenging" one. One worker filmed the call and leaked it on social media, where the CEO has received flak for firing employees right before the holidays.