“This is the second time in my career I’m doing this and I do not want to do this. Fortune later reported Garg accused the employees of “ stealing” from their colleagues and customers by being unproductive and only working two hours a day. Garg cited market efficiency, performance, and productivity as the reason behind the firings. “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.” He then said employees could expect an email from HR detailing benefits and severance. “If you’re on this call, you are part of the unlucky group that is being laid off,” Garg said on the call, “Your employment here is terminated effective immediately.” he added. This material may not be published, broadcast, rewritten, or redistributed.According to a CNN report, CEO Vishal Garg announced the mortgage company is laying off about 9% of its workforce on a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. ™ & © 2021 Cable News Network, Inc., a WarnerMedia Company. That person was later placed on administrative leave for bullying. The Daily Beast reported in August that one of Garg’s most “loyal lieutenants” received massive perks, such as millions of dollars worth of stock options that could be vested immediately, not comparable to other employees. You are a bunch of DUMB DOLPHINS… SO STOP IT. Garg has been involved in controversy before, as evidenced by an email he sent to staff that was obtained by Forbes. The company is prepared to have more than $1 billion on its balance sheet. The Softbank-backed mortgage lender announced in May it was going public through an SPAC and last week received $750 million in cash as part of the deal. The last time I did it, I cried,” Garg said on the call, which remained short and emotionless.Īmong those fired were the diversity, equity and inclusion recruiting team.
Fortune later reported Garg accused the employees of “stealing” from their colleagues and customers by being unproductive and only working two hours a day. Garg cited market efficiency, performance and productivity as the reason behind the firings.
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