Mortgage company Better.com announced Wednesday that it would be laying off more than 900 employees during a Zoom call.
“If you’re on this call, you are part of the unlucky group that is being laid off,” CEO Vishal Garg said on the call, according to CNN Business. “Your employment here is terminated effective immediately.”
https://t.co/bmtdxpWtto CEO Vishal Garg announced the mortgage company is laying off about 9% of its workforce on a Zoom webinar, abruptly informing the more than 900 employees on the call they were being terminated just before the holidays. https://t.co/TX7IRsAY4w
— CNN (@CNN) December 6, 2021
In a statement to CNN Business, CFO Kevin Ryan added in a statement, “Having to conduct layoffs is gut-wrenching, especially this time of year.
“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.”
— Prof.N John Camm (@njohncamm) December 6, 2021
The controversial call has led some people to say they’ll never do business with the company. In May, Better.com announced it was going public in a $750 million deal. Now it seems the situation has changed.
The announcement leaves many in a bad spot before the holidays, showing the real estate boom is not all positive for those working in the industry.