‘If you’re on this call you’re part of the unlucky group being laid off,’ said Vishal Garg, chief executive of mortgage firm Better.com, on the call, later uploaded to social media.

Comments on social media said it was ‘cold’, ‘harsh’ and ‘a horrible move’, especially in the run up to Christmas.

‘Last time I did [this] I cried,’ Mr Garg told the staff on the call.

‘I wish the news were different. I wish we were thriving,’ he said. This time his tone was measured and he referred to notes on the desk in front of him.

Mr Garg said staff performance and productivity, and market changes lay behind the mass-firing of what he said was 15% of Better.com’s workforce.

He didn’t mention the $750m cash infusion Better.com received from investors last week.

Better.com’s chief finance officer, Kevin Ryan, told the BBC: ‘Having to conduct layoffs is gut-wrenching, especially this time of year.'”

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