The last time I did it I cried,” Garg reportedly said. “This is the second time in my career I’m doing this, and I do not want to do this. The CEO added the laid-off employees would receive about a month of pay and three months of benefits, according to NBC News. “Your employment here is terminated effective immediately.” “If you’re on this call, you are part of the unlucky group that is being laid off,” he said. “We are laying off about 15 percent of the company for a number of reasons - the market efficiency and performances, and productivity,” Garg continued.
“I come to you with not great news,” CEO Vishal Garg said at the beginning of the Wednesday meeting, portions of which were shared on TikTok.
CNN Sans ™ & © 2016 Cable News Network.Approximately 900 employees of digital mortgage company learned in a three-minute Zoom call that they have been laid off, NBC News reported on Monday. Market holidays and trading hours provided by Copp Clark Limited. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account In a later post on the professional network Blind, Garg accused the fired employees of “stealing” from their colleagues and customers by being unproductive and only working two hours a day, according to Fortune, which confirmed those sentiments in a later interview with the CEO. Just days later, three of the company’s top communications executives resigned, according to multiple media reports. The online mortgage company’s mass layoff affected about 9% of its staff. “The recommendations of this assessment will be taken into account to build a long-term sustainable and positive culture at Better,” the email said. added that it is hiring a third party firm to do a “leadership and cultural assessment,” whose recommendations “will be taken into account to build a long-term sustainable and positive culture at Better.”ĬNN Business has viewed the email and has asked for comment. Day-to-day operations will be taken over by the company’s CFO, Kevin Ryan. Garg’s leave is also effective immediately, according to a Friday email from the company’s board of directors. 'A surreal moment': Fired employees share what it was like on that mass-firing Zoom
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