Mortgage firm, which fired employees over Zoom call, undertakes fresh layoffs - Hindustan Times

Mortgage firm, which fired employees over Zoom call, undertakes fresh layoffs: Reports

By, New Delhi
Jun 11, 2023 11:29 AM IST

The company founded by Indian-American entrepreneur Vishal Garg has laid off its entire real estate team, according to reports.

American online mortgage firm, which laid off 900 employees over a Zoom call in December 2021, has reportedly undertaken a fresh round of job cuts, terminating the entire real estate team, and has shut down the unit.

Vishal Garg is the founder and CEO of (Image courtesy: Better,com)
Vishal Garg is the founder and CEO of (Image courtesy: Better,com)

Also Read | founder, founding partner of another firm: Vishal Garg who fired 900 over Zoom

The layoffs were carried out as the company is looking to move from an ‘in-house agent’ model to a ‘partnership agent’ one.

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‘Little to no severance paid’

According to reports, there is no clarity yet on the number of people who were working in the real estate division. An employee who got laid off in this round, however, revealed gave ‘little to no severance’ to those relieved, adding that he himself was subjected to a 50% pay cut in November last year.

Also Read | CEO, who fired employees over Zoom call, issues apology: Reports

Also, in May 2022, the organisation founded by Indian-American entrepreneur Vishal Garg (who is also the CEO) asked staffers to resign voluntarily, and close to 920 resignations were accepted later.

‘Thousands of’ employees laid off has carried out multiple rounds of layoffs before the latest one, with the fourth round taking place in August 2022. Till now, around 4,000 people have been handed pink slips. deal

In March, the company entered into a deal with Amazon under which those working for the e-commerce giant were allowed to use their vested equity as a collateral for down payment to buy homes.

Also Read | After laying off 900 people via Zoom call, CEO taking time off with immediate effect

“Even though equity is a valuable asset, most banks consider it ineligible when calculating the necessary downpayment on a home,” Garg said at the time.

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