Sign in to your SiliconIndia account
Email:       Password:  
Don't have SiliconIndia account? Sign up     Forgot your password? Reset
    Processing .....please wait..
    The article has been forwarded....
     Some error occured      !!
Forward this news to your friends & colleague
Subject:
Receiver's email:
For more than one recipient, type addresses separated by commas
Your name:
Your email:
Message:
Type the characters you see in the picture
Fidelity to close Gurgaon offshoring unit
By    siliconindia news bureau
Tuesday,29 July 2008, 18:03 hrs
New Delhi: In a bid to cut costs of talent acquisition and site maintenance, Fidelity Management and Research Company India (FMR) is shutting down its Gurgaon offshoring facility, reported The Economic Times.

However, FMR will scale up operations in their Chennai and Bangalore centers, which are more cost-effective, said sources.


Close to 80 percent of the people employed are believed to leave by the end of August and the facility will wind up operations by mid-September. The Gurgaon offshoring facility, which employs 350 people, provides back-office information technology support to Fidelity Management and Research Corporation based in the U.S.

The move comes in the wake of a lot of internal bickering within the human resources team at Fidelity FMR India, with one set of people opposing the move.

However, Fidelity India commented on the issue like this, "As part of Fidelity Business Services India's (FBSI) business requirements, FMR India, a division of FBSI, which supports Fidelity's U.S. businesses, has decided to consolidate its operations at Bangalore and Chennai. It continues to be business as usual at Gurgaon for all other divisions of FBSI, including FIL India, another division of FBSI, which supports Fidelity International's UK and European business. This in no way detracts from Fidelity's commitment to India as we continue to invest in and grow our business here. All employees will have the opportunity to work from other locations of FBSI in India and FBSI will provide all possible assistance to help them."

     
   
Write your comment now


Your Name    Email: 
Type the characters you see in the picture

  Cancel
Reader's comments(19)
1: i am agree with Jim. We feel very proud when we got mail about "22% of enginner in Nasa are indians". Even, i worked in 2 startup company and now i am working in MNC. Many of time, the kind of work outsource in today is related to quantity, not the quality. Don't confuse with the term. Quantity means the work have repetitive kind of job and no scope for individual enhancement. What you expect means quality. I worked for fidelity for 6 month. Many a time, i asked to people from Fidelity USA that why you outsourced to different Indian IT company when you have your own IT Development Center in INDIA. Their Answer is quite and clear "you can't expect anything from them". you will find a lot of "Filmi Maniac hero" in Fidelity.


Even in many of MNC, there are lots of character who sitted in Bench for more than 6 month and you can't expect a company will pay for it. When company say "good bye" at their difficult time, you people named it "recession".


When 1000 farmer suicide in a month, did you cry foul? I am not changing the topic. If a mills shutdown, media claims "low productivity, high loses". But when an IT company cleans garbage, then media cry "recession".


Just few question because you bang with reply with facts.
1. HOw many indians are involved in SOurceForge, Apache oe even in linux?
2. We indians are try to learn a technology but we never participitate making a techonology. Please don't talk about Vinod Khosal or Finnacle. I am talking about the technology, not making a technology by using a technology.


In india, people with civil ground become PM even he never heard about "divide and conquer algorithm"..

This is truth.


Posted by: Shashi - 08:02 AM Feb 19, ' 09
2: grow up guys. its nothing personal so need not be emotional. no business run for losses. there is nothing like loyalty when one is working for money. employees leave companies when they get better opportunities. companies have the right to expand and downsize based on their business justification. not a single privately owned company(Except Govt..:-) ) can keep employing its workforce if not earning profit s. so its time for heads up and not to take IT boom granted in india.
Posted by: nirmal - 12:00 AM Oct 13, ' 08
3: Jim,
I'll ONLY say that U are one of the Unlcky person NOT to come across good Indian Professionals. This does not mean that the value for money on Indian professionals are NOT more than the UK. Even in the case given in your last statement; the productivity of Indian professionals is more. 1/6the cost and 5x the time compare with the UK pro, which leads to 1.2 times the UK pro productivity. Still we are better than you guys. Try accepting the fact that the time has gone where you people are NOT challenged for your wrong perceptions and works. Leave your feeling of supriority and accept the fact of today. NO HARD feelings dear....
Posted by: vikash - 12:00 AM Aug 21, ' 08
4: I think its high time. We Indian should make teams and provide business solutions and dev support to these Cos. We can charge them and earn rather than serving them like slaves.
I know these Brits and Amcans can't work with Chinese people. Its not about mass production (both people and goods), its about brainwork and delivery. Smart work is what we Indian do unlike chipkoo chinese.
Posted by: raj - 12:00 AM Aug 04, ' 08
5: This is the beggining of an end of outsourcing era in India. Now, companies from foreign countries, including the US and the UK are looking other nations as their outsourcing hubs such as China and Japan, which are developing fast. The language advantage that India flaunts is now not an exclusive for them. Other countries are offering the same capacity on a cheaper rate and better infrastructure and manpower. Everybody should learn a lesson from this closure that the BPO industry has come to a position of stagnation and in the near future would face stiff decline. The climate and infrastructure in Gurgaon could be the major reasons for the decline apart from costly manpower.
Posted by: Prithwi Raj Sinha - 12:00 AM Jul 29, ' 08
6: Fidelity has done a major mistake by causing suffering to employees whihc has given there evrything to the company for last 5 years . Infidelity in Fidelity
Posted by: mohit - 12:00 AM Jul 29, ' 08
7: I feel that this is not a layoff where u are given immediate notice and asked to leave but a graceful exit on part of the company. They are not only providing compensation that would help employee move on with some other venture but also providing benefits in case they stick with the firm. Rest IT professionals are always a victim of economic crisis but they should never relax now that such scenarios have become common.
Posted by: AffecEmp - 12:00 AM Jul 29, ' 08
8: Hi folks...yest that fidelity may have revised its operation in gurgaon ..and may Indian are not capable as British IT professional ...but one this is still unchanged
its "There is no alternative of INDIA"... fidelity or infidelity ..people have to come here in my country INDIA..

http://www.letsnurture.co.cc/
Posted by: ketan - 12:00 AM Jul 29, ' 08
9: I fear it is time for Indian IT people to learn what we in the US and UK learnet many years ago... As far as your company are concerned you are " a resource" and no more important to them than the office photocopier. If anything, you are less important as photocopiers don't need a salary or cars to the office. When times are hard companies stay profitable by using less resources and one day that will probably mean you.
Posted by: Dave T - 12:00 AM Jul 29, ' 08
10: No, I stand by what I said. The issue is also out fault, as company managements never listen to the developers or business who must work with India IT individuals -- they look only at numbers and always see "cost" on a high project level. They never see the cost of when we have to redo all the work because 90% of the time it comes back wrong, inadequate, inefficient. Granted, there are some very good Indian chaps I have worked with, but usually, and unfortunately, that is a very *rare* instance.
Posted by: Jim - 12:00 AM Jul 29, ' 08
11: Jim,
Improve UR knowledge and understanding about the Indians and Indian Professionals. NASA/ Silicon Valley in US is driven by Indian professionals. Had it been the case what U say, then ALL the Investors and top line of managers are fools 2 invest in India and that way U r saying U guys are Fool. Decide R U foolish or Smart people and finally do not give the statement which does not make sense at all.
Posted by: Vikash - 12:00 AM Jul 29, ' 08
12: Thing is, Indian IT is absolute rubbish. Sadly, it's a fact and Fidelity paid a heavy cost. Sure, Indian IT workers are 1/6th the cost of a UK based employee -- but it takes an Indian IT worked 5x as long to produce awful code which the UK worker must fix eventually. Sorry, but it's true.
Posted by: Jim - 12:00 AM Jul 29, ' 08
13: People...!! GROW UP
You don't perform, you aren't cost competitive, market has better solutions than what you offer.
What makes you feel that the so called BRAND should suffer for your cost at its own expense.
No need to be emotional.
Obviously we understand the symbolic and literal meaning of Consolidation used above, however just think practically.... Its all because of "our" inefficiency, where the term Our includes the lower, the middle and the top management equally.
Stop being an emotional fool and move on.
Life's got lot more challenges to offer.
Posted by: mayank - 12:00 AM Jul 29, ' 08
14: Well, its all about business! If employees find better jobs then they leave company and If company finds no work(project) or if it is running below expectations then it must take steps to recover and compete with the competative market. Don't be emotional, its all about business and Money honey!
Posted by: Malik - 12:00 AM Jul 29, ' 08
15: Indian IT market is totally depending on US market...this is not good for IT employees..It is shame for all big IT companies...



Posted by: Vishal Bilgaiyan - 12:00 AM Jul 29, ' 08
16: Today Fidelity ... Tomorrow ??????????????
Posted by: Vasanthavishnu - 12:00 AM Jul 28, ' 08
17: this is not a good sign, IT sector was one doing good. This also shows depending on US market, how it effects you in big way, Companies should try to have projects from other countries also to be on safer side and not to be effected from economy of one country
Posted by: AC - 12:00 AM Jul 28, ' 08
18: All said and done, this is nothing but playing with employees and their careers. If such BIG names like Fidelity do this, it is a shame for the big banks & big names (so called BIG).
Posted by: Pooja - 12:00 AM Jul 28, ' 08
19: It is just pathetic to hear. They may say it is consolidation. but for employees it has one meaning, suffering.
Posted by: Jayanth - 12:00 AM Jul 28, ' 08

Company:  About us | Contact | Help | Community rules | Advertise with us
News:  Business | Technology | VC | General | Dailydose | Magazine | Guest contributors | Member news | News archive | RSS  RSS
Network:  Network | Profile | Messages | Scrapbook| Find | Blogs | Communities | Events | Q&A
Career:  Jobs | Companies | Test your skills | Mentorship | Videos | Career blogs | Training institutions | Education
Life:   Humor | Weekend | Bookstore | Relocation | Startup City | Classifieds

and help us continue to improve SiliconIndia
© 2008 SiliconIndia all rights reserved