The CEO fires 900 staff, accusing them of stealing(Better.com)


During a now-famous Zoom call, the CEO of New York-based internet-based home lending bank Better.com lay off over 900 people — and then slammed the former employees for allegedly violating company policies and procedures. We are "stealing from our clientele" if we do not provide value to them.

The CEO fires 900 staff, accusing them of stealing
The CEO fires 900 staff, accusing them of stealing

Vijay Garg, the organization's chief executive officer, exuded confidence while informing impacted workers of the mass firings through Skype, a tape of which was afterward shared across social media platforms such as TikTok, YouTube, and other platforms.

"This isn't the kind of breaking news that you'll want to hear right away... If you happen to be on this phone conversation, you are vital to the dismantling of the awful gathering that is taking place at this moment. "Your work here has come to an end, and it is taking effect right now," he stated, adding that he "has no desire to continue doing so."

The second time I've done something similar in my work life, and I'd prefer not to repeat the experience.

When I did it last, I broke down and sobbed," Garg said over the phone.

The 43-year-old stated that the "market has changed" and that the organization needed to thin down to remain adequately agile to adjust to the developing real estate market, which appears to be cooling after a pandemic-supported blast — however, Garg did not disclose the organization's $750 million money implantation from financial backers, which was announced last week.

The CEO was later revealed to be the anonymous author of a scathing blog piece that targeted Better.com employees working for the expert organization Blind and was published online.

"Did you know that around 250 people ended up working a normal of 2 hours per day while clocking in at least 8 hours per day in the finance framework?" The father of three remained composed.

"It was you and our clients, who were the ones who were taken advantage of because they paid the bills that covered our expenses. " "Learn from the masters," he continued.

Garg confirmed to Fortune that he is the one who came up with the idea for the singing post.

On the Zoom call, Garg informed the laid-off employees that the company will provide one month of severance pay and one month of full benefits, as well as other inclusions as part of a package.

During the conference call, Garg suggested that low efficiency, despite shifting economic conditions, was the driving force behind the reductions.

In an interview with Fortune, he explained that the company had started tracking worker efficiency information a month earlier, including missed call rates, a few inbound and outbound calls, reps arriving late to meetings with clients, and other metrics.

We noticed some worrying trends when lowering our recruiting pace, and we discovered that some of our clients were not receiving the service they deserved from our partners," he explained.

Garg has achieved the reputation as a result of his practice of seeking assumptions from his employees and rebuffing them for the most little of transgressions.

According to Forbes, office directors were once reprimanded for reportedly failing to keep a small ice chest stocked with Fiji and Perrier water at their disposal.

Office managers were once asked, "What is the point of having such biscotti?" he inquired.

Another email, received by Forbes last year, was written by Garg and stated: 'You are TOO DAMN SLOW.' You're a bunch of DUMB DOLPHINS, to put it mildly... DAMNED DOLPHINS are caught in nets and eaten by sharks because they are stupid. SO STOP IT RIGHT NOW. STOP IT RIGHT NOW. IMMEDIATELY DISCONTINUE. "You are making me feel embarrassed."

At the same time, the Daily Beast reported that one of his appointments, Elana Knoller, had been granted enormous investment opportunities that vested immediately, as well as $8,000 per month for two homes and a variety of other benefits.

Despite receiving excellent care, Knoller was eventually placed on semi-voluntary leave due to bullying by his captors.

A flurry of activity in the real estate market and related moneylending industry resulted as city tenants attempted to relocate to greener and larger areas in the suburbs, resulting in a boom in the real estate market and related moneylending industry.

The organization said in May that it aims to open up to the rest of the world through the formation of a SPAC, or particular reason obtaining organization, with a $7.7 billion market capitalization.