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Another 3,000 Workers Let Go by


Another 3,000 Workers Let Go by

Credit: Unsplash

In the past year, the online mortgage firm gained significant attention by terminating 900 of its staff during a virtual meeting (and just before the holiday season!). The company, particularly its Chief Executive Officer Vishal Garg, faced severe backlash for their heartlessness, leading Garg to temporarily step away from his role.

Regrettably, it appears that the previous round of layoffs was merely a prelude as has now let go of another batch of employees, totaling around 3,000 this time. Interim President Kevin Ryan cited a “significant decline in loan origination due to escalating interest rates” as the motive behind these latest workforce reductions.

“It is indeed regrettable that we must now undertake the challenging task of further streamlining our operations and downsizing our workforce significantly in both the US and India,” Ryan explained. “This determination is substantially influenced by the challenges facing the residential real estate market.”

Initially, aimed to handle these terminations more discreetly, intending to personally inform each affected employee and clarify the circumstances. However, the news of impending layoffs leaked when severance payments appeared in employees’ bank accounts in advance.

“This method of communication was certainly not what we had planned and arose from our desire to expedite the delivery of severance payments to affected employees,” a company spokesperson disclosed to CNN.

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