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Tuesday, January 25, 2022

Boss says sorry for ‘blundered’ mass Zoom firing


The boss of a mortgage company, who fired hundreds of his staff in a Zoom meeting has said he is “deeply sorry” for the way the lay-offs were handled.

The firings were necessary, according to Vishal Garg, but he admitted that he had “blundered the execution.”

“I failed to show the appropriate amount of respect and appreciation for those who were affected,” he admitted.

Mr Garg was heavily chastised after firing 900 employees in an online meeting.

“I am deeply sorry and am committed to learning from this situation and doing more to be the leader that you expect me to be,” he said in a letter on the company’s website.

The firm, Better.com, a start-up offering mortgages, is based in New York.

“If you’re on this call, you’re part of the unfortunate group that’s being laid off,” Mr Garg explained to staff during the call. “Your employment here has come to an end. This is effective immediately.”

A recording of the call was shared on social media, prompting comments that firing people in this manner was “cold,” “harsh,” and “a horrible move,” particularly in the run-up to Christmas.

Better.com, which aims to use technology to make the home-buying process “faster and more efficient,” announced earlier this year that it intends to go public. A deal is expected to value the company, which Mr Garg founded in 2015, at between $6.9 billion (£5.2 billion) and $7.7 billion.

Mr Garg expressed his appreciation to the staff.

“I believe in you, I believe in Better, and I believe that by working together, we can improve homeownership,” he wrote.

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