![]() ![]() You’ll be encouraged to fail once, but not allowed to fail twice.” “We should’ve done what we did today three months ago … that’s what I’m saying to you right now, it’s what I’ve said to the board before. We probably could have made more money last year and been leaner, meaner and hungrier.” We made $250 million last year, and you know what, we probably pissed away $200 million. I was not disciplined over the past 18 months. “Today we acknowledge that we overhired, and hired the wrong people. In what seems like a glitch, some workers were notified of their firings by seeing a severance payment in their bank accounts, and not in person. The lack of financial controls and unfocused hiring may have led to the layoffs of around 3,000 workers.īetter said that employees impacted by the downsizing would be properly notified personally over the phone and eligible for extended medical benefits, severance and help to find a new job. The not-so-warm and fuzzy tech exec admitted he was guilty of not judiciously managing the company’s cash and its hiring strategy. We will be spending time grinding this business forward in what will likely be a bloodbath in the mortgage industry in the next year or two.” Mr Garg refused to participate in the Forbes profile, and it’s unclear what prompted the email.īetter, which is based in New York, has offices in North Carolina, California, and Gurgaon, India.Garg, managing expectations declared, “ We will not be spending time focused on what investors think. You are a bunch of dumb dolphins and…dumb dolphins get caught in nets and eaten by sharks. “You are a bunch of dumb dolphins and…dumb dolphins get caught in nets and eaten by sharks. In an email to employees obtained by Forbes last year, he was quoted as referring to his employees as “dumb dolphins”. Mr Garg wanted to make home buying faster, easier and less expensive. ![]() Mr Garg founded the company in 2014 “with the goal of re-engineering the mortgage process,” according to ’s website. “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,” Mr Ryan said in a statement. Kevin Ryan, the company’s chief financial officer, framed the cash advance and the layoffs as a company win. “That’s definitely not good no matter how they spin it,” he said. The employee who was laid off said it was an indication that the company needed “capital urgently”. The way Mr Garg chose to fire hundreds of people was jarring, the former employee said. “I was sitting here thinking, ‘What the hell?’” said the employee, who asked not to be identified for fear of retaliation. He didn’t get the email from human resources until hours later. He told the hundreds of former employees that they would get about month’s pay and three months of benefits - all of which would be detailed in an email sent to their personal email addresses from human resources.Īn employee who was laid off told NBC News this week his company-issued computer went dark shortly after the call ended. “Um, this time, I hope to be stronger.” CEO’s apology The last time I did it I cried,” Mr Garg said. ![]() “This is the second time in my career I’m doing this, and I do not want to do this. He told employees that the decision to let them go was “challenging.” Your employment here is terminated effective immediately " "If you’re on this call, you are part of the unlucky group that is being laid off. ![]()
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