{"id":1090199,"date":"2021-12-06T14:14:23","date_gmt":"2021-12-06T19:14:23","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1090199"},"modified":"2021-12-06T14:14:27","modified_gmt":"2021-12-06T19:14:27","slug":"mortgage-company-ceo-fires-900-employees-via-zoom-including-diversity-hiring-team","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/mortgage-company-ceo-fires-900-employees-via-zoom-including-diversity-hiring-team\/","title":{"rendered":"Mortgage Company CEO Fires 900 Employees Via Zoom, Including Diversity Hiring Team"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fmortgage-company-ceo-fires-900-employees-via-zoom-including-diversity-hiring-team%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1090199&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>More than 900 employees of mortgage company Better.com were invited to a Zoom webinar last Wednesday, where CEO Vishal Garg announced they would all be fired effective immediately.<\/p>\n<p>CNN Business <a href=\"https:\/\/www.cnn.com\/2021\/12\/05\/business\/better-ceo-fires-employees\/index.html?utm_source=facebook&amp;utm_medium=news_tab\">reviewed<\/a> a recording of the call, in which the employees were fired just weeks before the holidays.<\/p>\n<p>\u201cIf you\u2019re on this call, you are part of the unlucky group that is being laid off,\u201d Garg said during the meeting. \u201cYour employment here is terminated effective immediately.\u201d<\/p>\n<p>He also told the employees that they would be receiving an email from the human resources department detailing their benefits and severance.<\/p>\n<p>Garg then told the people on the call that market efficiency, performance, and productivity were the reasons they were being fired. Fortune <a href=\"https:\/\/fortune.com\/2021\/12\/03\/better-com-ceo-attacks-laid-off-employees-blind-message-board\/\">reported<\/a> that days after the firing, Garg \u201cposted a series of messages seen by&nbsp;<em>Fortune&nbsp;<\/em>on an anonymous professional network,\u201d in which he accused the fired employees of \u201cstealing\u201d from coworkers and customers due to their unproductivity. The outlet reported that he claimed at least some of those who were fired had only worked two hours a day.<\/p>\n<p>CNN reported that the call firing the employees was \u201cshort and emotionless.\u201d<\/p>\n<p>\u201cThis is the second time in my career I\u2019m doing this and I do not want to do this. The last time I did it, I cried,\u201d Garg said during the call, apparently showing no emotion.<\/p>\n<p>The outlet also reported that the diversity, equity, and inclusion recruiting team was among the fired employees, a rarity for companies these days, who often hire more and more people to improve diversity, with little to no discernible effect.<\/p>\n<p>Better CFO Kevin Ryan told CNN that \u201cHaving to conduct layoffs is gut wrenching, especially this time of year.\u201d<\/p>\n<p>\u201cHowever, a fortress balance sheet and a reduced and focused workforce together set us up to play offense going into a radically evolving homeownership market,\u201d he added.<\/p>\n<p>CNN reported that Garg\u2019s leadership has been questioned before:<\/p>\n<p><em>Garg has been involved in controversy before, as evidenced by an&nbsp;<a href=\"https:\/\/www.forbes.com\/sites\/davidjeans\/2020\/11\/20\/mortgages-fraud-claims-and-dumb-dolphins-a-tangled-past-haunts-bettercom-ceo-vishal-garg\/?sh=12a22d7e10f4\">email he sent to staff<\/a>&nbsp;that was obtained by Forbes.<\/em><\/p>\n<p><em>\u201cYou are TOO DAMN SLOW. You are a bunch of DUMB DOLPHINS\u2026 SO STOP IT. STOP IT. STOP IT RIGHT NOW. YOU ARE EMBARRASSING ME,\u201d he wrote.<\/em><\/p>\n<p><em>The Daily Beast reported in August that one of Garg\u2019s most \u201cloyal lieutenants\u201d received&nbsp;<a href=\"https:\/\/www.thedailybeast.com\/bettercom-ceo-vishal-garg-threatened-to-burn-his-business-partner-alive-now-hes-a-billionaire\">massive perks<\/a>, such as millions of dollars worth of stock options that could be vested immediately, not comparable to other employees. That person was later placed on administrative leave for bullying.<\/em><\/p>\n<p>Forbes reported in November 2020 that \u201cOngoing lawsuits accuse Garg or entities he controls of improper and even fraudulent activity at two prior business ventures, and of misappropriating \u2018tens of millions of dollars.\u2019\u201d<\/p>\n<p>Goldman Sachs, which invested in three rounds of funding for Better, accused Garg of \u201cflagrant self-dealing,\u201d but quietly dropped its legal claims in October 2020.<\/p>\n<p>The recent layoffs amount to 9% of Better.com\u2019s workforce.<\/p>\n<p><em>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a&nbsp;<\/em><a href=\"https:\/\/www.dailywire.com\/subscribe\"><em>member<\/em><\/a><em>.&nbsp;<\/p>\n<p><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>More than 900 employees of mortgage company Better.com were invited to a Zoom webinar last Wednesday, where CEO Vishal Garg announced they would all be fired effective immediately.CNN Business reviewed a recording of the call, in which the employees were fired just weeks before the holidays.\u201cIf you\u2019re on this call, you are part of the unlucky group that is being laid off,\u201d Garg said during the meeting. \u201cYour employment here is terminated effective immediately.\u201dHe also told the employees that they would be receiving an email from the human resources department detailing their benefits and severance.Garg then told the people on the call that market efficiency, performance, and productivity were the reasons they were being fired. Fortune reported that days after the firing, Garg \u201cposted a series of messages seen by\u00a0Fortune\u00a0on an anonymous professional network,\u201d in which he accused the fired employees of \u201cstealing\u201d from coworkers and customers due to their unproductivity. The outlet reported that he claimed at least some of those who were fired had only worked two hours a day.CNN reported that the call firing the employees was \u201cshort and emotionless.\u201d\u201cThis is the second time in my career I\u2019m doing this and I do not want to do this. The last time I did it, I cried,\u201d Garg said during the call, apparently showing no emotion.The outlet also reported that the diversity, equity, and inclusion recruiting team was among the fired employees, a rarity for companies these days, who often hire more and more people to improve diversity, with little to no discernible effect.Better CFO Kevin Ryan told CNN that \u201cHaving to conduct layoffs is gut wrenching, especially this time of year.\u201d\u201cHowever, a fortress balance sheet and a reduced and focused workforce together set us up to play offense going into a radically evolving homeownership market,\u201d he added.CNN reported that Garg\u2019s leadership has been questioned before:Garg has been involved in controversy before, as evidenced by an\u00a0email he sent to staff\u00a0that was obtained by Forbes.\u201cYou are TOO DAMN SLOW. You are a bunch of DUMB DOLPHINS\u2026 SO STOP IT. STOP IT. STOP IT RIGHT NOW. YOU ARE EMBARRASSING ME,\u201d he wrote.The Daily Beast reported in August that one of Garg\u2019s most \u201cloyal lieutenants\u201d received\u00a0massive perks, such as millions of dollars worth of stock options that could be vested immediately, not comparable to other employees. That person was later placed on administrative leave for bullying.Forbes reported in November 2020 that \u201cOngoing lawsuits accuse Garg or entities he controls of improper and even fraudulent activity at two prior business ventures, and of misappropriating \u2018tens of millions of dollars.\u2019\u201dGoldman Sachs, which invested in three rounds of funding for Better, accused Garg of \u201cflagrant self-dealing,\u201d but quietly dropped its legal claims in October 2020.The recent layoffs amount to 9% of Better.com\u2019s workforce.The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a\u00a0member.\u00a0<\/p>\n","protected":false},"author":126,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1090199","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1090199","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/126"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1090199"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1090199\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1090199"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1090199"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1090199"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}