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.

CNN reported that on a Zoom webinar last Wednesday, CEO Vishal Garg suddenly announced that the mortgage company is laying off about 9 per cent of its workforce.

The report said that Vishal Garg cited market efficiency, performance and productivity as the reason behind the firings.

He said on the call that “If you’re on this call, you are part of the unlucky group that is being laid off.”

He said that “Your employment here is terminated effective immediately.”

The report said that the CEO informed the more than 900 employees on the call that they were being terminated just before the holidays.

He then said employees could expect an email from the Human Resource department, detailing benefits and severance.

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.

Vishal Garg said on the call that 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..

Among those fired were the diversity, equity and inclusion recruiting team.

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