Print   Close

3,000 Infosys employees to be redeployed post RBS contract loss

BT Online     August 15, 2016

IT firm Infosys is set to take a hit after the Royal Bank of Scotland said it has cancelled its plan to separate and list a new standalone bank, Williams & Glyn (W&G), and instead will pursue other options for the divestment of this business.

The bank had awarded a five-year 300 million Euro IT contract to Infosys and IBM for W&G.

The move is likely to hit 3,000 Infosys employees and impact revenues for the year by about $40 million to $50 million, media reports said.

In 2013, Infosys won the contract to develop applications for W&G, a bank planned to be set up in the UK.

"Infosys has been a W&G program technology partner for Consulting, Application Delivery and Testing services, and subsequent to this decision, will carry out an orderly ramp-down of about 3,000 persons, primarily in India, over the next few months," Infosys said in a statement.

"RBS is a key relationship for Infosys and the company looks forward to further strengthening our strategic partnership and working with them across other strategic and transformation programmes," the Indian IT firm added.

URL for this article :
@ Copyright 2018 India Today Group.