News CEO Vishal Garg laid off 900 employees during a Zoom call just before the holiday

NEWYORK — CEO Vishal Garg announced that the mortgage lender is laying off about 9% of its workforce on a Webinar Zoom Wednesday abruptly informed the more than 900 employees on the call that they were terminated just before the holiday.

“If you’re on this call, you’re part of an unlucky group that’s being laid off,” Garg said on the call, an audio recording that was seen by CNN Business. “Your employment here will be effective immediately.”

Then, he said, employees can expect an email from human resources detailing benefits and severance.

“Having to conduct layoffs is very frustrating, especially at this time of year,” Chief Financial Officer Kevin Ryan said in a statement to CNN Business. “However, our reduced and concentrated balance sheet and workforce are all set for us to play offensively as we enter the burgeoning home ownership market.”

Garg cited market efficiency, performance and productivity as the reasons behind the explosions. Fortune later reported that Garg accused the employees of “stealing” from their colleagues and customers by being inefficient and working only two hours a day.

“This is the second time in my career I’ve done this and I don’t want to do this. The last time I did it, I cried,” Garg said on the call, still brief and emotionless.

Among those laid off was a diverse, fair and inclusive recruitment team.

In May, the Softbank-backed mortgage lender announced it would go public through a SPAC and last week received $750 million in cash as part of the deal. The company is set to have more than $1 billion on its balance sheet.

Garg has been involved in controversies before, as evidenced by an email he sent to employees that was obtained by Forbes.


NS Daily Beast reported in August that one of Garg’s most “loyal lieutenants” had received huge perks, such as a multimillion-dollar stock option that could be granted instantly, unmatched by any other. other staff. That person was subsequently placed on administrative leave for bullying.

(The-CNN-Wire & Cable News Network, Inc., a Time Warner Company. All rights reserved.) CEO Vishal Garg laid off 900 employees during a Zoom call just before the holiday

Dais Johnston

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