Better.com Lay Off 900 Employees Over Zoom

Better.com CEO Vishal Garg announced the mortgage company is laying off about 9% of its workforce on a Zoom webinar Wednesday. The company abruptly informed more than 900 employees on the call they were being terminated just before the holidays.

Garg said you are on this call and you are part of the unlucky group that is being laid off.Your employment here is terminated effective immediately. He then said employees could expect an email from HR detailing benefits and severance.Better.com CEO cited market efficiency, performance and productivity as the reason behind the firings. Fortune later reported Garg accused the employees of “stealing” from their colleagues and customers by being unproductive and only working two hours a day.

Garg also said that 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. Among those fired were the diversity, equity and inclusion recruiting team. The Softbank-backed mortgage lender announced in May it was going public through an SPAC and last week received $750 million in cash as part of the deal. The company is prepared to have more than $1 billion on its balance sheet.

CFO Kevin Ryan said 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.”