A United States boss of a firm has made headlines for firing around 900 of his staff on a Zoom call.
“If you’re on this call you’re part of the unlucky group being laid off,” said Vishal Garg, chief executive of mortgage firm Better.com, on the call, later uploaded to social media.
Comments on social media said it was “cold”, “harsh” and “a horrible move”, especially in the run up to Christmas.
“Last time I did [this] I cried,” Mr Garg told the staff on the call.
“I wish the news were different. I wish we were thriving,” he said. This time his tone was measured and he referred to notes on the desk in front of him.
Mr Garg said staff performance and productivity, and market changes lay behind the mass-firing of what he said was 15% of Better.com’s workforce.
Better.com’s chief finance officer, Kevin Ryan, said : “Having to conduct layoffs is gut-wrenching, especially this time of year.”
He added, however, that having “a fortress balance sheet and a reduced and focused workforce” was necessary to take on the “radically evolving homeownership market”.