Better.com CEO Vishal Garg terminates 900 employees on Zoom call

Vishal Garg, the chief executive officer (CEO) of mortgage lender Better.com fired more than 900 employees over a Zoom call, according to a report by CNN. The webinar on Zoom took place on Wednesday where he informed that nine per cent of the company’s workforce is being laid off. "If you're on this call, you are part of the unlucky group that is being laid off," according to CNN, which quoted the CEO from a recording of the call. "Your employment here is terminated effective immediately," he added.

The company’s chief financial officer (CFO) Kevin Ryan said in a statement to CNN said, “"Having to conduct layoffs is gut wrenching, especially this time of year. "He added, "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."In the Zoom call, the CEO said that this is the second time he is taking such a decision and he did not want to do this. He said that the last time he did so, he cried.The CEO further went on to say that all the US-employees that have been laid off, will get four weeks of severance, one month of full benefits and two months of cover-up for which Better.com will pay the premium.