FIS - Fidelity National Information Services, a US-based financial services technology provider, has laid off over 400 employees in India, according to the IT workers union, NITES.
The company has stated that the internal restructuring of FIS businesses in India is the reason for laying off employees. “Due to the internal restructuring of FIS businesses in India, your role with FIS has become redundant, and accordingly, FIS has decided to terminate your employment,” a termination email sent to one of the employees read.
Harpreet Singh Saluja, President, Nascent Information Technology Employees Senate (NITES), said, “As of we know, over 400 employees have been fired by the company and more layoffs are expected as it is an ongoing process. The company has violated provisions of the Industrial Disputes Act and is aiming to restore investor confidence by reducing headcount arbitrarily.”
According to a recent Bloomberg report, 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.
“During the FIS Q3 2022 earnings call, we introduced our plan to address current macro-economic challenges. Rightsizing our portfolio and our workforce have always been an important part of our growth strategy to serve our clients and meet market demand. FIS has had a presence in India for more than two decades and remains committed to this important market for its continued growth,” a company spokesperson said.