CEO fires 900 in single Zoom call CEO fires 900 in single Zoom call

The boss of digital mortgage outfit is under fire after laying off around 900 employees on a single Zoom call and then accusing many of "stealing" by being unproductive.

"I come to you with not great news," CEO Vishal Garg told the staffers at the beginning of a three-minute call last week.

"We are laying off about 15% of the company for a number of reasons — the market efficiency and performances, and productivity," he continued.

"If you’re on this call, you are part of the unlucky group that is being laid off," said the CEO according to recordings of the call posted on social media.

Garg went on to tell his soon-to-be ex-employees that this was the second time he had done this and that "last time I did it I cried," adding "this time I hope to be stronger".

In May, outlined plans to go public via a Spac. However, days before the mass firing, it secured a $750 million cash infusion when the blank cheque firm involved in the deal, Aurora Acquisition Corp, and SoftBank agreed to hand over half of the financing agreement early.

To add insult to injury, days after the firings Garg posted messages on anonymous professional network Blind, saying: “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?"

Added the less-than-contrite CEO, who confirmed to Forbes that he was the author: “They were stealing from you and stealing from our customers who pay the bills that pay our bills. Get educated.”

Comments: (3)

A Finextra member
A Finextra member 08 December, 2021, 07:071 like 1 like Sounds like a CEO that knows how to engage people… Not. If 900 people where not contributing you really have to question the work system organisation, and most likely toxicity of culture that go together with the method used for letting people go that close to Christmas. If I was an investor, I know who I’d be looking to offload.
A Finextra member
A Finextra member 08 December, 2021, 08:08Be the first to give this comment the thumbs up 0 likes

Well, in the current jobs market they should be able to find new employment, one would hope!   

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 08 December, 2021, 15:17Be the first to give this comment the thumbs up 0 likes

You may offload but, ICYMI, the biggest tech investor in the world just handed over $750M to the company.