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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Calling its workforce “bloated,” the Social Security Administration announced Friday plans to slash about 7,000 jobs, or roughly 12% of its staff. The potential cuts are part of a larger reorganization at the agency in line with the Trump administration’s drive to downsize the federal government.