The Indian arm of Fidelity National Information Services (FIS), an American multinational corporation operating in the fintech sector, has conducted a massive layoff round and handed over pink slips to over 400 employees in Pune.
A fired employee from the company said, “I was suddenly sent a termination letter, they have asked me to stay at home till December 30, which will be my last date. I have been asked not to report for work.” Told business today,
More than 400 people working in Pune have been sent similar termination letters so far. People with knowledge of the matter said that more employees will be sacked in the near future. business today, The company also has offices in Bangalore and Gurugram.
business today Reached the firm via e-mail for a comment but the company did not respond till the time of publication of this story.
Dismissed employees are also entitled to severance. The termination letter mentioned, “You shall be entitled to receive severance compensation calculated at the rate of one (01) month of your basic pay for each completed year of continuous service (subject to a maximum of twelve (12) months) subject to) FIS and shall be paid to you within five (5) business days from the Separation Date.”
The termination letter sent to the former employees also stated: “You (Employee) unconditionally and irrevocably discharge FIS, its subsidiaries and affiliates, its directors, employees, legal representatives, successors and/or assignees.” and agrees to release from all claims, causes of action, fees, debts, dues, amounts of money, demands, or otherwise, known or unknown, at law or in equity, accrued or unaccrued, contingent or non-contingent arising at any time up to and including the date of separation”
Significantly, the IT and fintech company is going through a bad phase financially. The fintech company’s stock is down about 45 percent year-to-date, which is lower than the S&P 500’s 17 percent decline during the same period.
Bloomberg reported that the company’s newly appointed CEO, Stephanie Ferris, planned to make drastic cost cuts to appease investors. The company reportedly targeted $500 million in cost savings through its enterprise transformation program.
