According to a report from Times of India, Wipro’s subsidiary, Capco India, has placed some of its employees on a transitional leave called ‘garden leave,’ providing them with 2-3 months’ pay. During this period, employees do not work after resigning or having their employment terminated. Apparently, certain employees had to resign as they couldn’t secure positions in other projects within Capco India due to increased automation.
HSBC, a significant client of Capco India, reportedly reduced its collaboration with the company in the latter half of the previous year. Capco India has been involved in various finance-related areas, such as Basel III reforms, financial reporting, accounting, finance on the cloud (FOTC), data remediation projects, and financial risk management framework analysis.
The focus of HSBC’s work with Capco India has shifted towards general ledger accounting and standardisation, narrowing down the scope of their collaboration. Despite the acquisition of Capco, a London-based global management and tech consultancy, for $1.5 billion in 2021, Wipro refrained from providing specific responses to queries about the matter, adhering to its policy. Capco India offers a diverse array of services for large global transformational programmes , such as business change services, finance risk and compliance (FRC), digital engineering and tech innovation, data and analytics, technology delivery, and project management office (PMO) services. The subsidiary proudly houses over 1500 consultants in India.