“If you’re on this call, you are part of the unlucky group that is being laid off,” Garg continued. The CEO explained that the company was laying off roughly 15 percent of its employees, citing market efficiency, performance, and productivity as the reason behind the firings.Ī spokesman for the company later corrected Garg’s figure of 15 percent to 9 percent in a statement to SFGATE. The last time I did it, I cried this time I hope to be stronger.” “This is the second time in my career I’m doing this and I do not want to do this. It’s been a really, really challenging decision to make,” Garg said on the call. “This isn’t news that you’re going to want to hear but ultimately this was my decision and I wanted you to hear it from me. “The market has changed, as you know, and we have to move with it in order to survive,” he said, before explaining to employees on the video conference that if they were watching him, that means they have been laid off. The CEO began the call by telling his employees that he does not have “great news” for them, adding that the last time he was forced to make a similar announcement, he had been reduced to tears. The Epoch Times has been unable to verify the video footage. Video of the Zoom call was shared on social media and shows Vishal Garg, the executive, sitting behind a desk as he prepares to deliver the news to his employees. All rights reserved.The CEO of , an online mortgage lender, fired 900 of his employees in a Zoom call just weeks before Christmas citing a “change in the market.” The-CNN-Wire™ & © 2022 Cable News Network, Inc., a Time Warner 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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