<p>An Indian-origin CEO of a US-based homeownership company has abruptly fired more than 900 employees, about 9 per cent of its workforce, on a Zoom webinar, citing market efficiency, performance and productivity as the reasons behind the move.</p>.<p>On a Zoom webinar last Wednesday, Better.com CEO Vishal Garg abruptly announced that the mortgage company is laying off about 9 per cent of its workforce, CNN reported.</p>.<p>Garg cited market efficiency, performance and productivity as the reason behind the firings, the report said.</p>.<p>"If you're on this call, you are part of the unlucky group that is being laid off," he said on the call.</p>.<p>"Your employment here is terminated effective immediately," Garg said.</p>.<p>The CEO informed the more than 900 employees on the call that they were being terminated just before the holidays, the report said.</p>.<p>He then said employees could expect an email from the Human Resource department, detailing benefits and severance.</p>.<p>"Having to conduct layoffs is gut-wrenching, especially this time of year," CFO Kevin Ryan said in a statement to CNN Business.</p>.<p>"However a fortress balance sheet and a reduced and focused workforce together set us up to play offence going into a radically evolving homeownership market."</p>.<p>Meanwhile, Fortune reported that Garg accused the employees of "stealing" from their colleagues and customers by being unproductive and only working two hours a day.</p>.<p>"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.</p>.<p>Among those fired were the diversity, equity and inclusion recruiting team.</p>.<p><strong>Watch the latest DH Videos here:</strong></p>
<p>An Indian-origin CEO of a US-based homeownership company has abruptly fired more than 900 employees, about 9 per cent of its workforce, on a Zoom webinar, citing market efficiency, performance and productivity as the reasons behind the move.</p>.<p>On a Zoom webinar last Wednesday, Better.com CEO Vishal Garg abruptly announced that the mortgage company is laying off about 9 per cent of its workforce, CNN reported.</p>.<p>Garg cited market efficiency, performance and productivity as the reason behind the firings, the report said.</p>.<p>"If you're on this call, you are part of the unlucky group that is being laid off," he said on the call.</p>.<p>"Your employment here is terminated effective immediately," Garg said.</p>.<p>The CEO informed the more than 900 employees on the call that they were being terminated just before the holidays, the report said.</p>.<p>He then said employees could expect an email from the Human Resource department, detailing benefits and severance.</p>.<p>"Having to conduct layoffs is gut-wrenching, especially this time of year," CFO Kevin Ryan said in a statement to CNN Business.</p>.<p>"However a fortress balance sheet and a reduced and focused workforce together set us up to play offence going into a radically evolving homeownership market."</p>.<p>Meanwhile, Fortune reported that Garg accused the employees of "stealing" from their colleagues and customers by being unproductive and only working two hours a day.</p>.<p>"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.</p>.<p>Among those fired were the diversity, equity and inclusion recruiting team.</p>.<p><strong>Watch the latest DH Videos here:</strong></p>