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Massive Layoff in HSBC. Sacked Hundreds of Employees

A massive layoff in HSBC India sacked more than 500 employees over the last two days. Employees ranging from assistant manager to vice presidents from its centres in Hyderabad and Pune.

They sacked 350 employees at HSBC’s Pune centre itself.It is estimated that a total of 750 employees have been asked to leave across locations and designations. from assistant managers to vice presidents have been summoned to the meeting room in the last two days, asked to choose between termination or resignation, pack their bags and leave.

It is reported that the lower level profiles were avoided, and many from the middle and high level management were given instead. The most inhumane part was, the management did not given any time to bid goodbyes to friends and colleagues. They were later packed off in cabs after their access cards were taken. the employees were asked to log off from computer and leave in ten minutes.

As the lay off deal, One month’s salary for each year spent in the company plus three months salary given as the compensation. Sources says many other companies are also moving in the same direction, including the companies here in kerala.

So, is it the clear indication of another slowdown?

       
  • manoj

    It seems that the IT industry is going to another doom. many news are coming even from the kerala and bangalore based companies about the ramp down of many projects. competetion among the companies for lower bid made many companies under pressure. the top companies in india itself is not an exception. hope for the best.

  • TP Slave

    Didn’t see this news anywhere else… is it true???

  • jithu

    This new were there in the TV channels a few days back. and this is true it seems

  • ram

    This News is true and one of my nighbour was axed from HSBC -Hyd Branch.

  • fisher man

    This is to please ask you to note that Shri Raghavendra P who has recently joined TARGET INDIA Company in Bangalore from HSBC Company has taken a large amount of money from our vendors proprietor and promised to pay later, but was removed from the job due to some integrity problem. He has now refused to pay the money back and is not even replying to our calls and disconnecting of calls, so please ask him to pay.
    Otherwise please be requested to publicise about Raghavendra and his deeds, if he does not listen as this is a case of curroption in MNC company. We know that you are honest and will take action so that such curropt people are brought to the police and punished. If Lokpal bill comes then we can report such curroption in corporate offices in Bangalore
    The transportation and housekeeping vendors have already complained to HSBC but will come to you with media coverage and other persons for demonstrations to get proper response to our money back method. TV9 in Bangalore has already tried to contact the TARGET company, but they have not responded.
    You are please responsible person do you want such thing to happen in India? Ask this person to return our money, and tell your TEAM to highlight this curroption in corporate employees.
    He has also taken bonus from HSBC and now he has got bonus from TARGET so he can easily return our 12.5 lakhs soon. You can also use this money for good cause for fight against curroption.

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