September 26, 2022

Mortgage company fires 900 workers during Zoom conference call

Mortgage company 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.”

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.”

The controversial call has led some people to say they’ll never do business with the company. In May, 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.




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