GREAT INDIAN DREAM - LAYOFF STORIES OCTOBER 2008 By Ashish Kumar Gupta
HP cutting 24,600 jobs
Hewlett-Packard Co. said on Monday that it plans to slash 8% that is 24,600 jobs over the next three years, seeking to realize savings from its recent acquisition of Electronic Data Systems Corp (EDS). Nearly half of the job reductions will take place in the United States, the Palo Alto, California-based company said. EDS was headquartered in Plano, Texas, near Dallas.
HP estimated $1.8 billion in annual cost savings once the cost-cutting program is completed. Company said the vast majority of the cuts would focus on eliminating overlapping jobs at EDS in corporate functions such as legal, accounting, IT and HR.
Work-force reduction plans will vary by country, based on local legal requirements and consultation with works councils and employee representatives, HP said. The company will provide employees affected by this restructuring program with severance packages, counseling and job placement services.
HP already employed more than 178,000 people worldwide and added 142,000 more with the EDS acquisition. The two companies combined had more than $38 billion in revenue from technology services last year.
practice groups under IBM India’s global delivery business.
Though IBM is silent on the actual number of ELTPs dismissed, the total is likely to be in excess of 700 across company locations nationally, including 180-odd in Kolkata alone.
Jet Airways to lay off 1,100 more employees
India's top private carrier Jet Airways has decided to lay off 1,100 additional employees in the next few days, a top official said on Wednesday.
Earlier in the day, Jet said it has retrenched 800 flight attendants and suspended its expansion programme, adding that it will also cut flights because of a slowdown in demand.
Jet Airways, said on Wednesday it had retrenched 800 flight attendants and suspended its expansion programme, and will cut flights and lay off more staff due to a slowdown in demand.
Jet Airways said in a statement it would reduce probationary and temporary workers in other areas, including management and pilots, as it planned to cut flights by about 15 per cent over winter.
PepsiCo, beverage and food company based in Purchase, New York, announced plans on Tuesday to cut 3,300 jobs as it reported a 10 percent decline in third-quarter net income.
In a statement Pepsi said, The quarter was hurt by continued weakness in its U.S. liquid refreshment beverage category, which resulted in disappointing performance in its domestic beverage business.
Hexaware cut 300 employees
Now Hexaware Technologies, one of the providers of IT and BPO services, takes its turn to reduce the work force. They are all set to reduce about 4.5 percent in its work force by the end of this year. Together with a high attrition rate (24 percent), the company's total employee strength may go down by 300 by the end of 2008.
Fidelity Business Services India lays off 30 employees
Fidelity Business Services India has asked 30 employees from its investment management division in Gurgaon to leave. The layoff is a part of reorganization at the unit. Fidelity Business Services offers research and information technology services to its parent company, Fidelity International. The company has around 7,000 employees across its three centers.
Patni India lay off 600 employees
Bangalore: The country's sixth largest exporter Patni computers lays off 600 employees as a part of none performance issues, reported The Economic Times.
The country's sixth-largest exporter said it was part of a routine appraisal exercise that it carried out every year to weed out non-performers and not related to any slowdown issues. While industry sources put the number of lay-offs at over 600, the company confirmed the number was a shade under 400.
IBM dismisses 700 freshers in India
KOLKATA: This may literally be a bolt from Big Blue! IBM is learnt to have delivered the pink slip to a sizeable chunk of its entry-level trainee programmers (ELTPs) across major offices in India.
Most of these ELTPs, who were engineering graduates, had put in nearly a year and were working in numerous technology
The Reliance Retail has declined to renew contracts of 1200 employees, which implies that few employees of the chain will be sacked. The company has, however, refused any jobcuts
As per sources, some of the Reliance Retail staffs being sacked are direct sales agents. The sources have also said that majority of Reliance Retail staffs are not on the payroll of the company.
However, there is relief for some of the employees as the company is trying to relocate the permanent employees within company or the group and the Human Resource Department is also trying to find alternative jobs for some outside the group, said sources. The employees who are sent off are from the places where they are not performing well. These layoffs will really going to effect the youngsters in India. 15 Reliance stores in Noida and Ghaziabad have also been asked to shut down last week, on orders from the police, though staff there have not yet been given the pink slip last month.
DBS Chola India layoff 200 staff
SINGAPORE: DBS Group, Singapore's biggest bank, said on Tuesday that its Indian joint venture Cholamandalam DBS Finance is closing 75 branches in India. "The business has to adapt to prevailing conditions in India," a DBS spokesman said, confirming an earlier report in the Times of India newspaper that its subsidiary will close 75 of its 260 branches and 200 people will lose their jobs. DBS, which is Southeast Asia's biggest lender, has a 37.5 per cent stake in Cholamandalam DBS Finance. DBS and Cholamandalam Investments and Finance Company (Chola) agreed to form the joint venture in the middle of 2005.