Not good news: Vishal Garg fires 900 employees over an Zoom phone

Vishal Garg

Vishal Garg Fires 900 employees

The head of an US mortgage firm has come under criticism after he was reported to have dismissed 900 employees during the Zoom phone call.

“I come to you with not great news,” Vishal Garg CEO of is being heard saying at the start of the video conference that was held on Wednesday of last week. The recording was widely shared through social media.

“If you’re in this conversation you’re one of the unfortunate ones who are being cut off. Your contract is immediately terminated,” Garg continued, noting market changes, “efficiency” and “productivity” as the primary reasons for the mass dismissal.

“The market has changed … we have to move with it in order to survive,” the 43-year old explained. “Ultimately it was my decision and I wanted you to hear it from me.”Then, he said that the employees should expect to receive the HR department to send them an email containing information on severance and benefits.

Garg who is an self-described “serial entrepreneur”, declared the decision “really, really challenging” and added that it was only the two times in his career that he has had to cut jobs.

“I don’t, do not would like to commit this. When I last did this, I was crying. This time I’m hoping to be more determined,” he said during the conference call.

A former employee described the conversation to be “three minutes tops,” in an interview with The Daily Beast.

“They took us for garbage. We’ve been there from the beginning, and we put in a lot of effort to support the company and our jobs,” another said.

Startup mortgage company received a $750 million (PS564m) cash injection from investors last week . The company was valued recently at $7 billion, according to Forbes. This company claims it is using technology to improve homeownership “faster and more efficient” and more efficient, is supported by Japanese company Softbank. Softbank.

Kevin Ryan,’s chief financial officer, told the company laid off 9percent of its employees in the wake of the call, according to Forbes.

“Having to conduct layoffs is gut-wrenching, especially this time of year; 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,” Ryan stated in an email to Forbes.

“Vishal Garg fires 900 employees”