American Express lays off 100 employees in India
4/11/2008 15:28
American Express, a leading global financial services company, has begun
downsizing its Indian work-force as part of its worldwide efforts to cut costs,
according to the Hindustan Times today.
More than 100 employees were laid off
yesterday in the first round, and more pink slips were expected, company sources
said.
A company spokeswoman, who confirmed the lay-offs, said, "it is
miniscule compared to the global scenario."
Talks were on concerning
retrenchment in the business process outsourcing (BPO) division of the company,
sources said, adding a counseling session was on to help those who might lose
their jobs later this week.
India has become world's top outsourcing
destination for its skilled manpower and low labor cost.
An insider said
there was a growing sense of uncertainty among the employees especially in the
last one week and work had come to a standstill.
"Though the list is out,
there is still tension and apprehension among employees," said a company
official, the report said.
Pointing to the severity of the global crisis,
India's Prime Minister Manmohan Singh yesterday urged the industry not to cut
jobs in light of the economic slowdown at a special meeting with top corporate
leaders in the country.
Xinhua
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