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The CEO of the US-based digital company added that the employees who have been laid off will be entitled to four weeks of severance, one month of full benefits and two months of cover-up for which the company will pay the premium. Now, Garg has apologised for his actions in a letter written to employees. There has been backlash, memes, jokes and whatnot over his decision. We are laying off about 15% of the company for a number of reasons - the market, efficiency and performances and productivity,” he added. Vishal Garg, CEO,, created quite a stir earlier this week when he fired 900 employees on a Zoom call.
“This is the second time in my career I’m doing this and I do not want to do this. He also mentioned during the conference call that it is the second time in his career that he had to make a decision like this. (Reuters) - The chief executive of apologized for his manner of handling layoffs at the mortgage company after a video of him firing 900 people last week via a Zoom call went. It’s been a really, really challenging decision to make.” , a digital mortgage lender with offices in Oakland, laid off 900 employees weeks before Christmas on a mass Zoom call. CEO VIshal Garg told 900 employees on a Zoom call that they were being laid off from the mortgage company, telling them they are part of the unlucky group. This isn’t news that you’re going to want to hear. The market has changed, as you know, and we have to move with it in order to survive so that hopefully, we can continue to thrive and deliver on our mission. While addressing his employees, Garg said, “I come to you with not great news. Your employment here is terminated effective immediately,” Vishal Garg was heard saying in the video. If you're on this call, you are part of the unlucky group that is being laid off. “This isn't news that you're going to want to hear. This was definitely a piece of shocking news that came just ahead of the holiday season. PST Share CEO Vishal Garg announced the mortgage company is laying off about 9 of its workforce on a Zoom webinar Wednesday abruptly informing the more. A video of the Zoom call meeting has gone crazy viral on social media where the CEO was seen announcing his decision to the employees.Īn employee, who appears to have been part of the meeting, recorded the call on her mobile phone and shared it on social media. The layoffs came just days after the company received a $750 million cash infusion with a valuation of $7 billion, according to Forbes.Vishal Garg, CEO, fired 900 employees from his company in India as well as in the United States over a Zoom call on December 1. He told Fortune: "I think they could have been phrased differently, but honestly the sentiment is there." In a letter to employees shared by this week, founder. Garg later confirmed to Fortune that he was the person who wrote the post despite it being written under the username "uneducated." Now, the CEO of online mortgage company has apologized after the video has made the rounds on social and in news reports. CEO Vishal Garg claimed on the call that the layoffs were due to efficiency, performance and productivity. He said: "You guys know that at least 250 of the people terminated were working an average of 2 hours a day while clocking 8 hours+ a day in the payroll system? They were stealing from you and stealing from our customers who pay the bills that pay our bills. 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. Workplace China Climate layoffs fired 900 workers after getting 750 million from SoftBank The call terminating the employees reportedly lasted 3 minutes. Your employment here is terminated effective immediately."įollowing the call, Garg reiterated his stance and accused some of his workers of being lazy on a blogpost on Blind. "If you are in this call you are part of this unlucky group that is being laid off. The market, efficiency, performances, and productivity. "We are laying off about 15 percent of the company for a number of reasons. NEW YORK - 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. Devin Nunes Announces He's Leaving Congress for Trump Media CEO Job
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