BZ Bites: Better.com Fires Another 3,000 Employees As Interest Rates Rise

Comments
Loading...

Online-mortgage lender Better.com fired nearly 3,000 employees across the U.S. and India, about 35% of its total workforce.

The development comes after Better cut 9% of its workforce last year on a video conference call that was followed by CEO Vishal Garg’s temporary leave. All affected employees will be eligible for severance while those based in the U.S. will receive extended medical benefits.

CFO Kevin Ryan said the decision was driven by market headwinds like rising interest rates.

“It is in no way a reflection on the personal performance of any departing team members, all of whom have contributed to Better’s success," Ryan said.

Market News and Data brought to you by Benzinga APIs

Posted In:
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!
fintech-banner
Fintech Focus Newsletter
Your update on what's going on in the Fintech space. Keep up-to-date with news, valuations, mergers, funding, and events. Sign up today!