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. "This is the second time in my career I'm doing this and I do not want to do this.
Photo by SCREEN GRAB / The CEO of online mortgage lender decided to lay. Fortune later reported Garg accused the employees of "stealing" from their colleagues and customers by being unproductive and only working two hours a day. Vishal Garg accused the ex-workers of allegedly stealing from our customers by not being productive. Garg cited market efficiency, performance and productivity as the reason behind the firings. "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." "Having to conduct layoffs is gut-wrenching, especially this time of year," CFO Kevin Ryan said in a statement to CNN Business. He then said employees could expect an email from HR detailing benefits and severance. "Your employment here is terminated effective immediately."
"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. 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 they were being terminated just before the holidays. The CEO of digital mortgage lending company Vishal Garg is going viral for his harsh firing, saying the housing market is partly to blame.
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