Over 400 Employees Laid Off At FIS India And More To Follow, Says NITES
A US-based financial services technology provider, Fidelity National Information Services has laid off over 400 employees in India, according to the IT workers union, Nascent Information Technology Employees Senate (NITES).
An internal mail was floated to employees, giving them a reason of Fidelity National Information Services, the sole reason of layoffs. The mail also states that their role with organisation no longer stands, hence the layoff.
According to a recent report by a well-known media, Fidelity National Information Services had planned to fire thousands of employees as part of new CEO Stephanie Ferris’s strategy to restore investor confidence after the fintech company’s stock fell 44% this year.
Thousands of employees and contractors at the company may be affected by the cuts, which are likely to be gradual. They are a part of Ferris’s strategy to save the company at least $500 million in costs over the next few quarters, the report had stated.
