According to Bloomberg News, Better, the online mortgage lender is removing 3000 employees in the United States and India as escalating interest rates weigh heavily on the new loans’ volume.
More on the employee cut
The total number represents about 35% of the company’s workforce, as per an individual aware of the matter and wants to remain anonymous.
Better did away with 9% of the workforce last year, announcing a video conference call. Vishal Garg, the Chief Executive officer, later asked for an apology for how that round of cuts was handled. He returned in January after taking a hiatus. The company said it would personally contact all workers this time around. Each one will be eligible for the severance payments, and employees of the United States will continue to receive extended medical benefits.
Bloomberg News reports that as Chief Financial Officer, Kevin Ryan stated in an email that the decision was being taken under the influence of the headwinds impacting the residential real estate market. He also said that the move is not being decided by the personal performance of any of the team members that are leaving, and all of them have contributed to the success of Better.
