Better, after firing 900 employees over Zoom, is laying off 3,000 more workers
CNN
Better.com, the embattled online mortgage company, announced Tuesday that it's taking the "difficult step of streamlining" its operations and laying off about one-third of its workforce, amounting to roughly 3,000 jobs.
The company, which gained notoriety last year after its CEO fired 900 employees over Zoom just before Christmas, expanded rapidly during the pandemic when interest rates were low. However, in a letter posted on Better's website, the company said Tuesday's layoffs were prompted by a "dramatic drop in origination volume due to rising interest rates," said Interim President Kevin Ryan.
"Unfortunately, that means we must take the difficult step of streamlining our operations further and reducing our workforce in both the US and India in a substantial way," Ryan wrote. "This decision is driven heavily by the headwinds affecting the residential real estate market," he added.
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Some staff at the Department of Veterans Affairs are finding little to be merry about after the agency said it would eliminate tens of thousands of open, unfilled positions across the country as it looks to streamline its staffing.