The India arm of Fidelity National Information Services' (FIS), an American multinational corporation working in the fintech space, has conducted a mass lay off round and has handed pink slips to over 400 employees in Pune.
"I was sent termination letter out of the blue today, they have asked me to stay at home till December 30, which will be my last date. I have been asked to not report to work," an employee who was terminated from the company told Business Today.
Similar termination letters have been sent to over 400 people working in Pune so far. More employees would be terminated in the near future, people aware of the matter told Business Today. The company also has offices in Bengaluru and Gurugram.
Business Today reached out to the firm via an e-mail for a comment but the company hasn't responded by the time of publication of this story.
The terminated employees are entitled to severance as well. The termination letter noted, "You will be entitled to receive a severance compensation calculated at the rate of one (01) month of your base salary for every completed year of continuous service (subject to a maximum limit of twelve (12) months) with FIS and the same shall be paid to you within five (5) working days from the Separation Date."
The termination letter sent to erstwhile employees also stated: "You (employees) agree to unconditionally and irrevocably discharge and release FIS, its subsidiaries and affiliates, its directors, employees, legal representatives, successors and / or assigns, of and from all claims, cause of action, charges, debts, dues, sums of money, demands, or otherwise, known, or unknown, in law or equity, accrued or unaccrued, contingent or non-contingent, arising at any time up to and including the Separation Date."
It is worth noting that the IT and fintech company has been going through a rough patch financially. The fintech company's stock has tanked nearly 45 per cent year-to-date, lower than the S&P 500's 17 per cent decline during the same period.
The company's newly appointed CEO, Stephanie Ferris, had plans to make drastic cost cuts to appease investors, Bloomberg reported. The company also reportedly targeted $500 million in cost savings through its enterprise transformation program.
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