The CEO of a US-based mortgage company Better.com sacked around 900 employees during a less than three-minute Zoom call. The Softbank-backed mortgage lender reportedly received $750 million in cash recently and secured $4 billion in valuation. In the video call, Garg is seen sitting on a white table, wearing a shirt and blue vest. Here’s what the CEO said during the Zoom call.
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How the call started
The Zoom call started with general greetings, “Hi everyone, thanks for joining.” Followed by, “I come to you with not great news.”
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Need to do this to survive
“The market has changed and we need to move with it in order to survive.”
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Said wanted employees to hear it for me
Garg said that It was his decision and he wanted everyone to hear it from him.
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Gave these three reasons for job cuts
“We are laying off 15% of our workforce for three reasons: Markets, efficiency, performance and productivity,” Garg said during the call.
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If you’re on call, you are part of the unlucky group
“If you’re on this call, you are part of the unlucky group that is being laid off,”
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Employment terminated effective immediately
“Your employment here is terminated effective immediately,” he said.
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Last time I did it, I cried
“The last time I did it, I cried,” Garg told the fired employees adding, “This time I hope to be stronger.”
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Thanked employees for their contribution you for each and everyone of you’s individual contributions
He then said employees could expect an email from HR detailing benefits and severance. Concluded the call by saying, “Thank you for each and everyone of your individual contributions.”
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