Fidelity National Information Services (FIS), Pune, the Indian arm of the American multinational fintech firm, is on a layoff spree, to deal with redundancy. Looks like the Company has already asked 400 of its employees to leave, and media reports say that more will be laid off in the weeks to come.
Some employees have been told not to report for work till 30 December, which will be their last working day. The Company has offices in Bengaluru and Gurugram as well.
The employees will be given severance of a month’s basic salary for each year of service they have completed with the firm, with the maximum limit being 12 months. This severance will be paid to them within five days of the date of separation.
The Company has been facing a financial crisis for some time now. And these layoffs are in all likelihood a part of a cost-cutting exercise. Stephanie Ferris, who will begin discharging her duties as the CEO of FIS starting January 2023, is reportedly looking to embrace measures to regain the confidence of the Company’s investors.
About a third of FIS’ 55,000-strong global workforce is based out of India. Although the exact number of layoffs in India has not been officially announced, media reports say that about 400 employees from the Pune office have been asked to leave.
The Indian arm of FIS has been in operation for over 20 years now.
