Hi folks, BetterWolf here! I posted last night that layoffs are coming @ Better.com. Here's the announcement that just went out. Over 4,000 of my co-workers were let go today! FU Vishal Garg. Team, We have an important and difficult announcement today, and the leadership team and I want you to hear it from us first. As you know, the residential real estate market has been changing rapidly, and our entire industry is facing a dramatic drop in origination volume due to rising interest rates. It is clear - after careful, comprehensive review - that we will need to do more to ensure a strong path forward for the company and the vital work we are all doing to make homeownership more accessible for everyone. Unfortunately, that means we must take the difficult step of streamlining our operations further and reducing our workforce in both the U.S. and India in a substantial way. We have huge opportunities ahead to grow and to serve, but we must adjust to volatility in the interest rate environment and refinancing market to get there successfully. This decision is driven heavily by the headwinds affecting the residential real estate market; it is in no way reflection on the personal performance of any departing team members, all of whom have contributed to Better's success. While it does not make this any easier other companies across the mortgage industry (both old and new) have had to make similar decisions over the last 2 months. Across functions, specialists and offices, we have an incredibly talented team at Better, and losing valued colleagues is never something we wish to pursue. We do not take this decision lightly and want to let you know about the important steps we are taking in the coming days to support the transition for coworkers leaving Better. We are also taking steps to ensure seamless service for our customers. All Affected Employees Will Be Contacted Personally We are doing everything possible to personally reach all employees whose jobs will be eliminated to discuss this with them first. Anyone most directly affected by this announcement should receive a call over the coming days from a member of the Better leadership team. We will direct these communications to the personal phone and email we have on file. Following that call, each affected employee will receive an email to their personal email address from HR with additional details about transition support. Affected employees will be eligible for a minimum of 60 working days - and as much as 80 working days - of cash severance payments. We have made sure that this financial support for departing employees is at or beyond what is required by law. Those affected directly by this change will receive details via email. Sincerely Kevin and the Better Management Team # Better.com #bre #betterrealestate #better #layoffs
Who would want to stay given how mismanaged the company had to have been to need 60+% layoffs over 3 months? Seems like anyone with half a brain cell would be able to determine that the nature of mortgage origination numbers is that they’re highly cyclical/variable over time, and account accordingly in expansion plans… “other companies across the mortgage industry (both old and new) have had to make similar decisions over the last 2 months” Can anyone point to any other company that had to drop 60% of staff since December?
This level of negligent management should seriously lead to an investigation of fraud or fiscal misconduct. I hope the laid off employees can make a class action case or something.
What an asshole guy. As part of the restructure, he should rename it to worse.com!! To my dear fellows who were let go, Feel free to DM me with relevant job IDs from Amazon.jobs and your resume. I will refer you. In case of SDEs in IN, I know a few good teams as well and would let you know in case you are willing to apply.
🤡
Who is Kevin?
The CFO and interim president. He's an asshole.
Thought this was deja vu but wow Also did a Google search and love this ad
MUUUUURRRRDAAAAAAA
LinkedIn had Better.com as one of Top 10 firms (#1) to work in 2021. How quickly things have changed !
Does anyone ever believe those lists? I thought it was universally known that companies pay (or have PR firms pay as proxies) to be listed. Same for big NYT articles about “what’s going on” at a company - it’s not independent journalism, it’s always 100% pay-to-play.
Blame linkedin! They couldn't even predict such an event !
Any engineering impacted?
Yes.
No - current (but soon to be former, lol) engineer here, just heard from trustworthy managers that no engineers are being laid off. Edit - as mentioned below, 6 data scientists were let go.
🤡 better
They should change name to bitter
🤮🤮🤮🤣
Should be renamed worst.com