Washington: An Indian origin CEO of a US-based home ownership company has abruptly fired more than 900 employees, about 9 per cent of its workforce, on a Zoom webinar, citing market efficiency, performance and productivity as the reasons behind the move.
On a Zoom webinar, Better.com CEO Vishal Garg abruptly announced that the mortgage company is laying off about 9 per cent of its workforce. Garg cited market efficiency, performance and productivity as the reason behind the firings, the report said.
"If you're on this call, you are part of the unlucky group that is being laid off," he said on the call. Your employment here is terminated effective immediately," Garg said. The CEO informed the employees on the call that they were being terminated just before the holidays, the report said.
He then said employees could expect an email from the Human Resource department, detailing benefits and severance. Meanwhile, Fortune reported that Garg accused the employees of "stealing" from their colleagues and customers by being unproductive and only working two hours a day. "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 on the call.