Bill Rapp here with the Heartfelt and Hot in Houston Blog, and this is our newest segment: CEO fires 900 employees over Zoom!

“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. “Your employment here is terminated effective immediately.” He then said employees could expect an email from HR detailing benefits and severance. CEO fires 900 employees over Zoom!

“Having to conduct layoffs is gut wrenching, especially this time of year,” CFO Kevin Ryan said in a statement to CNN Business. “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.”

Garg cited market efficiency, performance and productivity as the reason behind the firings. Fortune later reported Garg accused the employees of “stealing” from their colleagues and customers by being unproductive and only working two hours a day.

“This is the second time in my career I’m doing this and I do not want to do this. The last time I did it, I cried,” Garg said on the call, which remained short and emotionless. Among those fired were the diversity, equity and inclusion recruiting team.

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 company is prepared to have more than $1 billion on its balance sheet.

The inspiration for today’s edition came from this original article: https://www.cnn.com/2021/12/05/business/better-ceo-fires-employees/index.html

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