The company’s chief financial officer (CFO) Kevin Ryan later told CNN in a statement that the “gut wrenching” decision was taken to keep a focused workforce into a “radically evolving” homeownership market. "If you're on this call, you are part of the unlucky group that is being laid off," according to CNN, which quoted from a recording of the call. The webinar took place on Wednesday where CEO Vishal Garg informed that nine per cent of the company’s workforce is being laid off. “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,” Ryan said in a statement to Forbes.More than 900 employees of mortgage lender were fired by the chief executive officer (CEO) over a Zoom webinar, according to a report in CNN. Kevin Ryan, ’s chief financial officer, said the company had laid off 9% of its employees after the call, according to Forbes. The company, which says it uses technology to make homeownership “faster and more efficient”, is backed by Japanese conglomerate Softbank. The mortgage lender startup reportedly received a $750m (£564m) cash infusion from investors last week and was recently valued at around $7bn, according to Forbes. We were there since the beginning and worked hard for the company and for our roles,” another said. One now-former employee described the call as “three minutes tops,” in an interview with The Daily Beast. This time I hope to be stronger,” he said during the call. Garg, a self-described “serial entrepreneur”, said the decision was “really, really challenging” and noted it was the second time in his career he had made such job cuts. He then reportedly said the employees could expect an email from HR with details of severance and benefits. “Ultimately it was my decision and I wanted you to hear it from me.” “The market has changed … we have to move with it in order to survive,” the 43-year-old offered as explanation. Your employment here is terminated effective immediately,” Garg continued, citing changes in the market, “efficiency” and “productivity” as the reasons behind the mass termination. “If you’re on this call, you are part of the unlucky group being laid off.
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