Mortgage company CEO fires 900 employees on Zoom call | The Business Standard
Skip to main content
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
    • GOVT. Ad
  • More
    • Subscribe
    • Videos
    • TBS Graduates
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Long Read
    • Interviews
    • Offbeat
    • Tech
    • Magazine
  • বাংলা
The Business Standard

Wednesday
September 27, 2023

Sign In
Subscribe
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
    • GOVT. Ad
  • More
    • Subscribe
    • Videos
    • TBS Graduates
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Long Read
    • Interviews
    • Offbeat
    • Tech
    • Magazine
  • বাংলা
WEDNESDAY, SEPTEMBER 27, 2023
Mortgage company CEO fires 900 employees on Zoom call

World+Biz

TBS Report
06 December, 2021, 05:35 pm
Last modified: 06 December, 2021, 07:26 pm

Related News

  • What makes a CEO exceptional: A leader’s guide 
  • A leader par excellence: Ali Reza Iftekhar
  • CEO pay packages in US dip sharply in 2022, first decline in a decade
  • PBI asked to investigate the case of gunfire on farmers in Ctg
  • New law will allow banks to sue directors, CEOs for damages

Mortgage company CEO fires 900 employees on Zoom call

Better.com CEO said market efficiency, performance and productivity were the reasons behind the mass lay-off

TBS Report
06 December, 2021, 05:35 pm
Last modified: 06 December, 2021, 07:26 pm
Vishal Garg. Picture: Collected
Vishal Garg. Picture: Collected

Mortage company Better.com's CEO Vishal Garg fired 900 of his employees in a Zoom call recently.

The Indian-American CEO said market efficiency, performance and productivity were the reasons behind the mass lay-off, reports the CNN.

"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," Vishal Garg, 43, told employees of the mortgage company during the Zoom call. 

The fired employees made up about 9% of Better.com's workforce. Among those fired were the company's entire diversity, equity and inclusion team. 

One worker filmed the call and leaked it on social media, where the CEO has received flak for firing employees right before the holidays. 

Vishal Garg: "I wish I didn't have to lay off 900 of you over a zoom call but I'm gonna lay y'all off right before the holidays lmfaooo"pic.twitter.com/6bxPGTemEG— litquidity (@litcapital) December 5, 2021

Garg said during the three-minute call that the decision to fire 900 employees was a "challenging" one.

"This is the second time in my career I'm doing this and I do not do not want to do this. The last time I did it, I cried. This time, I hope to be stronger," he said.

"We are laying off about 15% of the company for a number of reasons - the market, efficiency and performances and productivity."

A Better.com spokesman later corrected the 15% figure, saying the actual number was closer to 9%. 

Offbeat / Top News

CEO / Zoom / firing / Better.Com

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • (From the left) Zahid Hussain, Ahsan H Mansur and Samir Sattar. Illustration: TBS
    What impact will a forward forex rate have?
  • Power price, subsidy to rise as govt has to pay producers at latest dollar rate
    Power price, subsidy to rise as govt has to pay producers at latest dollar rate
  • Security forces and emergency responders among others gather at a hospital following a fatal fire at a wedding celebration, in the district of Hamdaniya in Iraq's Nineveh province, Iraq, September 27, 2023. REUTERS/Abdullah Rashid
    More than 100 dead, 150 injured in Iraq wedding inferno

MOST VIEWED

  • US dollar banknotes are seen in this illustration taken on 10 March 2023. Photo: Reuters
    Taka weakens even further
  • The Fitch Ratings logo is seen at their offices at Canary Wharf financial district in London,Britain, March 3, 2016. REUTERS/Reinhard Krause
    Fitch now rates Bangladesh's foreign debt outlook negative
  • Experts say Dhaka has at least 18 times more than the population it can actually support. Photo: Rajib Dhar
    DAP relaxes floor area ratio, planners raise concerns over Dhaka's livability
  • Dollar rates raised to Tk110 for remitters, exporters
    Dollar rates raised to Tk110 for remitters, exporters
  • Why Biman struggles to overcome pilot shortage
    Why Biman struggles to overcome pilot shortage
  • Record Bangladeshis hired in Italy this year, $800m sent home
    Record Bangladeshis hired in Italy this year, $800m sent home

Related News

  • What makes a CEO exceptional: A leader’s guide 
  • A leader par excellence: Ali Reza Iftekhar
  • CEO pay packages in US dip sharply in 2022, first decline in a decade
  • PBI asked to investigate the case of gunfire on farmers in Ctg
  • New law will allow banks to sue directors, CEOs for damages

Features

More than 86 lakh Bangladeshis went abroad as migrant workers in the last 14 years, according to BMET (Bureau of Manpower, Employment and Training). Naturally, these workers return to Bangladesh at some point to settle down. Photo: Syed Zakir Hossain

Why migrant workers have a hard time back at home

3h | Panorama
(From the left) Zahid Hussain, Ahsan H Mansur and Samir Sattar. Illustration: TBS

What impact will a forward forex rate have?

3h | Panorama
India-Canada clash should be a wakeup call

India-Canada clash should be a wakeup call

1d | Panorama
It is highly unlikely that inflation rate is going to come down soon. PHOTO: TBS

No more central bank loans to the govt: Will it be enough to curb inflation?

1d | Panorama

More Videos from TBS

Fitch rates Bangladesh's foreign debt outlook negative

Fitch rates Bangladesh's foreign debt outlook negative

23m | TBS Economy
How dependent is Canada's economy on India?

How dependent is Canada's economy on India?

16h | TBS World
IMEC; Is the main objective to stop China?

IMEC; Is the main objective to stop China?

15h | TBS World
Why Biman struggles to overcome pilot shortage

Why Biman struggles to overcome pilot shortage

19h | TBS Insight
EMAIL US
[email protected]
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2023
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - [email protected]

For advertisement- [email protected]