Over 400 employees in Pune received pink slips as a result of a major layoff round undertaken by the India branch of Fidelity National Information Services (FIS), an American multinational company active in the fintech sector. “They unexpectedly gave me a letter of termination today, asking me to remain at home until December 30, when my employment will end. I’ve been warned not to come into work, “Business Today was informed by a former employee who was fired from the organization.
Reportedly, more than 400 employees in Pune have received similar letters of termination. According to those with knowledge of the situation, there will likely be more layoffs in the near future. In addition, Bengaluru and Gurugram are home to offices for the business. As of the time of this story’s publishing, Business Today has emailed the company for a response, but it had not yet received one. Additionally eligible for severance pay are the fired employees.
In accordance with the terms of the termination letter, “You will be entitled to receive a severance compensation calculated at the rate of one (01) month of your base salary for each completed year of continuous service with FIS (up to a maximum of twelve (12) months), and the same shall be paid to you within five (5) working days from the Separation Date.”
It is important to note that the IT and fintech firm has recently experienced financial difficulties. The stock of the fintech startup has fallen about 45% year so far, less than the S&P 500’s 17% decrease during the same time frame. Stephanie Ferris, the organization’s recently appointed CEO, intended to make significant expense cutbacks in order to please investors, according to Bloomberg. A $500 million cost reduction goal was allegedly set by the corporation for its business transformation effort.