To make matters worse, the founder and CEO of New York City-based mortgage lender Better.com also called those employees "unproductive" thieves of company time. Public criticism of Garg went viral, and his board ordered him to take a month-long break from his role. Garg has since apologized, returned as CEO and fired thousands more employees. Here, Garg analyzes his errors.
In 2020, we grew 900 percent and made $500 million in cash profit. Low interest rates led to a surge of mortgage refinancings, and Covid meant customers didn't want to go to a physical location to get a loan, so they were all coming to us.
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