emfizz.com May 27, 2017

QBiz: Layoffs in Wipro; IMF Director Bats for GST, Remonetisation

22 April 2017, 12:57 | Patty Hardy

At the end of December 2016 the Bengaluru-based company had over 1.79 lakh employees

Wipro sacks hundreds post performance appraisal

Amid intense competition in the market and tighter business environment, Wipro which is India's third largest IT services exporter has shown doors to almost 600 employees. Wipro serves clients in almost 175 cities across 6 continents.

As of December 2016, the southern Indian city of Bengaluru-based company had almost 180,000 employees, including in non-software branches.

Wipro is the third largest firm in terms of Information Technology.

In a massive layoff exercise of its employees, Softbank-backed e-commerce marketplace Snapdeal showed the door to over 600 people in February. The numbers are not clearly stated of how many are getting fired but it may also raise up to 2000.

Wells Fargo claws back $75M in pay from two former execs
Wells Fargo will claw back an additional $75 million from two former executives implicated in the bank's phony accounts scandal. He hasn't had other pay clawed back, in part because he wasn't closely involved in overseeing the retail unit until recently.

HHS Secretary Price's former House seat may soon be in Democratic hands
Special elections will hold particular importance for Democrats this year, as Republicans now control both the House and Senate. Now, she says, she's free to ask all her friends and neighbors to be "on our team". "I think we did pretty well in November".

Ronaldo hails Real mentality in Bayern win
We kept a cool head. "There is only one way to win the Champions, which is to keep insisting, insisting and insisting again". Everybody played their part. "We wanted to go through and I'm angry because of the referee deciding a high intensity game".

The company, which confirmed some employees may be asked to leave as part of an "appraisal process", did not, however, give any specific number.

The evaluation process also includes a series of actions with mentoring, retraining and upskilling. And the numbers will vary from year to year. Further, it cut its hiring to just 5,700 people in the first nine months of 2016, compared to the 17,000 employees it hired in the previous year. The move comes on the heels of larger rival Cognizant, which has about 75% of its employees in India, initiating a process of eliminating 6,000 jobs, which represents over 2% of its total workforce.

Tech experts have been cited expressing concerns that proposed hyper-automation and Artificial Intelligence may paint an even bleaker future for the sector, as when implemented these would drastically reduce the need for human resources. Though the exact number is not known, between 350 to 600 employees are reported to have been sacked.

However, after so many ups and downs, the country's major IT firms are now making the firm stand in market maintaining a stable growth rate. But, Donald Trump has made the H1-B visa laws strict. The authorities also said that they might end up ousting a lot of employees post the filtering process.

Other News

Trending Now

Housing plan to help the needy, punish the greedy
Opposition frontbencher Anthony Albanese was unable to say whether the Labor plan would make housing cheaper. The Turnbull Government is also planning a housing affordability package.

Atlanta Hawks vs. Washington Wizards - 4/22/17 NBA Pick, Odds, and Prediction
G Dennis Schroder is still dealing with a lingering right mid-foot sprain, Hawks coach Mike Budenholzer said pre-game. Conscious that he couldn't do it all himself, Wall embraced the role as defensive stopper and facilitator on Sunday.

France's Macron denies suggestions of impropriety
Also similar to what unfolded in the USA throughout 2016 is the media's cavalier dismissal of Le Pen as a serious candidate. Two other polls had Macron just ahead of Le Pen in the first round, and beating her comfortably in the second.

Wall St climbs as earnings gather pace; AmEx boosts Dow
Philip Morris PM.N fell 3.8 percent to $109.53 after the tobacco maker's first-quarter profit forecast fell below estimates. The Nasdaq composite surged 53.74 points, or 0.9 percent, to 5,916.78.

The Go-Ahead Group plc (GOG) Rating Reiterated by Canaccord Genuity, Report finds
With 104,100 avg volume, 7 days are for Rbc Bearings Incorporated (NASDAQ:ROLL)'s short sellers to cover ROLL's short positions. Connor Clark & Lunn Investment Mgmt has 0.01% invested in Renewable Energy Group Inc (NASDAQ:REGI) for 78,494 shares.

Presidential poll on mind, Sitaram Yechury meets Sonia Gandhi
The Bihar politician pointed out that, "we win when we're together, lose when not". She also slammed the BJP for indulging in "divisive" politics.

Former Aston Villa defender Ugo Ehiogu passes away at 44
Ehiogu won the third of his League Cup medals with Boro, who visit Vitality Stadium for a Premier League clash tomorrow. Ex-England defender Sol Campbellā€ described Ehiogu as "one of my East London mates of old" and "a true defender".

Palestinians in Israeli jails launch mass hunger strike
Barghouti was also convicted of masterminding a suicide bombing attack that backfired and only killed the bombers. The prisoners say they are striking for more contact with relatives, and an end to detention without trial.

95% engineers in India unfit for software development jobs
Times have become tougher with the tightening visa regimes in the United States and other countries like Australia and Singapore. Ms Mazumdar-Shaw also holds key positions in various industry, educational, government and professional bodies.

Who will win British general election?
But they added the government was "not complacent about the situation in England" and said there was "more to do". It is the view of the 172 Labour MPs who just previous year said they had no confidence in his leadership.