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Economy

CEO of mortgage lender Better.com lays off 900 workers in Zoom call - then calls them so lazy

2021-12-06

[MAIL] The CEO of an online mortgage lender fired 900 of his employees in a brutal Zoom call - then slammed them for being being so lazy they effectively 'stole' from customers.

Vishal Garg axed around nine per cent of Better.com's workforce last Wednesday, including its entire diversity, equity and inclusion team, which deals with complaints about racism and sexism in the workplace.

Garg told them bluntly: 'This isn't news that you're going to want to hear...If you're on this call, you are part of the unlucky group that is being laid off. Your employment here is terminated effective immediately.'

The 43-year-old said that the 'market has changed' meaning savage cuts to the $7 billion company's workforce were needed to avert disaster.

One angry worker filmed the call and shared it online, complete with a moment where they cursed at the CEO as he confirmed the mass 'termination' of employees at from the Manhattan-headquartered mortgage provider.

The unidentified male worker could be heard to say 'F**k you dude. Are you f**king kidding me?'

Posted by:Besoeker

#6 ^ The only parties who didn't get their fingers burned last time were the bankers who should still be in jail today. Everyone else involved will be less likely to play the game.

Posted by: M. Murcek 2021-12-06 07:54

#5

Are we looking at repeat of the Obama 2010-2013 Housing market style crash headed our way?

THE LAST CYCLE
Relax Loan qualification rules, Low ball home Interest rates, Hot market, Home prices increase 15% to 30 % above normal, Fed's increases loan rate, Buying cools off, job market sucks, 8.2+/- Million foreclosures over the 2 to 3 year cycle.

Posted by: NN2N1 2021-12-06 07:46

#4 The unidentified male worker could be heard to say 'F**k you dude. Are you f**king kidding me?'

Well, start up your own company then. I'm sure it will be a cinch with your skills and hard work.

Posted by: Procopius2k 2021-12-06 07:21

#3 What's "unexplained" about his wealth?

Posted by: Rob Crawford 2021-12-06 06:54

See if you can identify the potential source of Vishal's unexplained wealth.

Vishal Garg is the Founder and CEO of Better Mortgage, working to make the mortgage process simpler, faster and much much better for all Americans. Mr. Garg is also the Founding Partner of 1/0 Capital, a credit and financial technology incubator where he has been a member of the founding team and currently serves as Chairman of Climb Credit, The Number, and Phoenix Holdings. Previously, he was co-head and Managing Partner, ARAM ABS Group ($6 B+ assets) and the Founder and President & CFO of MyRichUncle (2005 NASDAQ IPO), which he founded at the age of 21 and built into the fourth largest private student loan originator in the US. Prior to MyRichUncle, Vishal was an analyst in the Mergers & Acquisition dept. at Morgan Stanley, a frontier emerging markets portfolio manager for the Strategies Fund. He is a graduate of Stuyvesant High School and a Deans Scholar at NYU Stern where he graduated with highest honors.

Story at this link.

Posted by: Besoeker 2021-12-06 06:48

#1 Vishal Garg axed around nine per cent of Better.com's workforce last Wednesday, including its entire diversity, equity and inclusion team, which deals with complaints about racism and sexism in the workplace.

Popcorn, anyone?

Mike

Posted by: Mike Kozlowski 2021-12-06 06:42

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