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Better.com CEO fires 900 employees over Zoom

txwallflower
Established Member

Better.com CEO fires 900 employees over Zoom

Here is a linlk to the article  Better.com CEO fires 900 employees over Zoom - CNN

Thought it appropo to post this in the Mortgage section.

 

Better.com CEO Vishal Garg announced the mortgage company is laying off about 9% of its workforce on a Zoom webinar Wednesday abruptly informing the more than 900 employees on the call they were being terminated just before the holidays.

"If you're on this call, you are part of the unlucky group that is being laid off," Garg said on the call, a recording of which was viewed by CNN Business. "Your employment here is terminated effective immediately."
 
Among those fired were the diversity, equity and inclusion recruiting team
 
I know members have used this lender. If you read the article, the CEO sounds like he should have fired himself based on how he has talked to his employees in the past.
Message 1 of 20
19 REPLIES 19
FinStar
Moderator

Re: Better.com CEO fires 900 employees over Zoom


@txwallflower wrote:

Here is a linlk to the article  Better.com CEO fires 900 employees over Zoom - CNN

Thought it appropo to post this in the Mortgage section.

 

Better.com CEO Vishal Garg announced the mortgage company is laying off about 9% of its workforce on a Zoom webinar Wednesday abruptly informing the more than 900 employees on the call they were being terminated just before the holidays.

"If you're on this call, you are part of the unlucky group that is being laid off," Garg said on the call, a recording of which was viewed by CNN Business. "Your employment here is terminated effective immediately."
 
Among those fired were the diversity, equity and inclusion recruiting team
 
I know members have used this lender. If you read the article, the CEO sounds like he should have fired himself based on how he has talked to his employees in the past.

The revised figure, which obviously doesn't make the news better for those who were impacted, was 15% of the workforce.

Message 2 of 20
Mr_Mojo_Risin
Senior Contributor

Re: Better.com CEO fires 900 employees over Zoom


@txwallflower wrote:

Here is a linlk to the article  Better.com CEO fires 900 employees over Zoom - CNN

Thought it appropo to post this in the Mortgage section.

 

Better.com CEO Vishal Garg announced the mortgage company is laying off about 9% of its workforce on a Zoom webinar Wednesday abruptly informing the more than 900 employees on the call they were being terminated just before the holidays.

"If you're on this call, you are part of the unlucky group that is being laid off," Garg said on the call, a recording of which was viewed by CNN Business. "Your employment here is terminated effective immediately."
 
Among those fired were the diversity, equity and inclusion recruiting team
 
I know members have used this lender. If you read the article, the CEO sounds like he should have fired himself based on how he has talked to his employees in the past.

In the video one might think Mr. Varg is looking for sympathy " The last time I did this I cried" 🙄

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Message 3 of 20
Janus
Senior Contributor

Re: Better.com CEO fires 900 employees over Zoom

it's not personal it's business, so i don't know why a person would cry over firing people he doesn't know personally. Sad for those losing thei jobs right before the Holiday but if they've been with the Company a long time they should get some compensation package. Sucks that they now have to find new jobs rather abruptly which is why people should have an emergency fund for such things. 

 

As for the firings themselves I don't see why they could have just waited one Month, surely they aren't doing that poorly with the Housing market doing so well? I mean this would seem like the best times for Mortgage Companies.






Message 4 of 20
FinStar
Moderator

Re: Better.com CEO fires 900 employees over Zoom


@Janus wrote:

it's not personal it's business, so i don't know why a person would cry over firing people he doesn't know personally. Sad for those losing thei jobs right before the Holiday but if they've been with the Company a long time they should get some compensation package. Sucks that they now have to find new jobs rather abruptly which is why people should have an emergency fund for such things. 

 

As for the firings themselves I don't see why they could have just waited one Month, surely they aren't doing that poorly with the Housing market doing so well? I mean this would seem like the best times for Mortgage Companies.


Well, the company already knew and had the data about 2 months ago sooo. It was very poorly executed from a leadership perspective.

Message 5 of 20
CreditCuriosity
Moderator

Re: Better.com CEO fires 900 employees over Zoom

Was a business decision just very poorly executed.

Message 6 of 20
Creditplz
Valued Contributor

Re: Better.com CEO fires 900 employees over Zoom

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I had a bad experience with this guy once... he called me and tried to gain my business but I ended up looking for a B&M bank... ended up going with BofA for 1.5M mortgage.
 

Message 7 of 20
Dinosaur
Moderator Emeritus

Re: Better.com CEO fires 900 employees over Zoom


@CreditCuriosity wrote:

Was a business decision just very poorly executed.


True and this certainly was an efficient method to thin the herd. It was "only business" !  Smiley Sad

 

Certainly lacked treating people as humans and with respect.  Smiley Mad

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Message 8 of 20
pizzadude
Moderator

Re: Better.com CEO fires 900 employees over Zoom

I'd put low odds on anything coming out of this, but the CEO is "taking time off effective immediately" and the company has engaged a third party to "do a leadership and cultural assessment".

 

https://www.businessinsider.com/better-ceo-takes-leave-fires-900-employees-zoom-2021-12

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Message 9 of 20
4sallypat
Valued Contributor

Re: Better.com CEO fires 900 employees over Zoom

Based on my recent experience with Better.com for a first time home mortgage, I have to say I saw this coming.

 

After getting pre-qualified and then due to the market conditions requiring a full desktop UW hard pull loan pre-approval, the Better rep I was assigned was a rookie in NYC while we are in CA.

 

The rep promised the moon (low APR, refund on closing, etc) but could not perform when we had an offer accepted (21 day escrow).

Our real estate agent ran around in circles trying to get the pre-approved loan package as a requirement for the offer acceptance.

She had to contact 3 different Better.com people in differeent parts of the country to find the location where our pre-approval package was hiding (CT).

 

Then the Better rep said that the 3 week escrow is too short for funding.

 

Lost out on the house and went with a local mortgage broker.

Message 10 of 20
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