CEO of terminates over 900 employees in US and India over Zoom call

During an approximately three minute Zoom call, the CEO of laid off more than 900 employees in both the US and India.

The mortgage company, which is based in New York, has already undergone one round of layoffs. This round resulted in about nine percent of the company’s employees being terminated, bringing the total between both rounds up to 15%.

During the call, CEO Vishal Garg, told the employees that due to “market efficiency, performance and productivity”. He can be heard saying, “If you’re on this call, you are part of the unlucky group that is being laid off. Your employment here is terminated effective immediately.”

Since the fateful Zoom call, a recording of it has gone viral. Garg claimed that the firing was something difficult that he wished he could avoid. “This is the second time in my career I’m doing this and I do not want to do this. The last time I did it, I cried.”

However, skeptics think otherwise, especially because of an email from Garg to employees where he harshly chastised them. In the email obtained by Forbes, he wrote, “You are TOO DAMN SLOW. You are a bunch of DUMB DOLPHINS… SO STOP IT. STOP IT. STOP IT RIGHT NOW. YOU ARE EMBARRASSING ME.”

In a statement to CNN Business, CFO Kevin Ryan said, “Having to conduct layoffs is gut wrenching, especially this time of year.” He added, “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.”




Leave a Reply