Home » Economy » “If you’re on this call, you’re part of the unfortunate bunch”: US company boss fires 900 employees via video call

“If you’re on this call, you’re part of the unfortunate bunch”: US company boss fires 900 employees via video call

Published:

5 dic 2021 21:00 GMT

It is possible that the layoffs were part of an agreement, between the company and its sponsors, to receive a large sum of money earlier than expected.

The digital mortgage lender Better.com announced on Friday the dismissal of 900 workers, which is equivalent to 9% of its staff, in the US and India, a day after its debut on the financial stock market, the portal collects TechCrunch.

The laid off workers were notified of their removal through a message from the CEO, Vishal Garg, through a one-way video call. The episode transcended social networks and received several criticisms.

I come to you with no great news. The market has changed, as you know, and we have to move with it to survive and hopefully we can continue to prosper and fulfill our mission. […] If you are on this call, you are part of the unfortunate group that is getting laid off. Your employment here is terminated with immediate effect.“Reads the speech delivered by the CEO.

Among the reasons for such a decision, according to sources close to the business leadership collected by TechCrunch, is the expectation that the mortgage market will contract significantly after 18 months of rapid expansion, due to the desire to offer real estate services.

On the other hand, the firm is receiving an injection of money from its sponsors before the agreement. Although there are no reports of financial problems, it is possible that the layoffs were a precondition related to this agreement. Also, there is a need to have fewer manual work processes and focus on an automated business.

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