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    Mortgage Company Fires Over 900 Employees Over Zoom Call

    By Ritik | 
    Updated: 8th Dec 2021 12:52 IST
    zoom call

    Highlights of the Story

    • An online mortgage provider, fires over 900 employees.
    • According to CEO the employees were inefficient and worked just 2 hours a day.
    • As per reports, the layoffs occurred mostly in the United States and India.

    During a brief Zoom call last week, the India origin chief executive officer of a US-based home mortgage and homeownership company, Vishal Garg, fired over 900 employees. The firings, according to Vishal Garg, were due to market efficiency, performance, and productivity. The diversity, equity, and inclusion recruiting staff were among those fired. According to reports, the layoffs occurred mostly in the United States and India. was founded in 2014 with the goal of “improving house mortgaging” and financing by allowing consumers to apply for loans and financing online instead of going to banks. The company claims to offer fixed and adjustable-rate loans for regular and jumbo loans for a variety of properties without incurring a commission.

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    Why Were Over 900 Employees Fired?

    According to the Zoom call, the workers were let go due to a lack of market efficiency, performance, and productivity. Kevin Ryan, the company’s chief financial officer, said in a statement that the company needs “a fortress balance sheet and a reduced and focused workforce” to “play offence going into a radically evolving homeownership market.”

    Meanwhile, Vishal Garg accused the workers of “stealing” from their coworkers and customers by being inefficient and working barely two hours per day.

    He had mentioned earlier in the Zoom call that he hoped he wouldn’t cry as he fired the employees.

    ‘This is the second time in my career I’m doing this and I do not want to do this,’ he said. ‘The last time I did it, I cried. This time, I hope to be stronger.’

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    How Many Indian Employees Were Fired on Zoom Call?

    Following the outbreak of the pandemic in early 2020, the company hired roughly 1,100 people in India. It declared that it will be hiring workers who had been laid off from the hospitality industry.  During the pandemic, provided a stipend of Rs 10,000 per month to its employees in India as a Covid19 benefit; in addition to compensating them for additional expenses related to their work-from-home situation. The majority of the company’s back-end operations are based in India. While the company hasn’t confirmed the layoff’s geographical breakdown; there are reports that numerous individuals in India have also been handed pink slips.

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