Fidelity to close Gurgaon offshoring unit

By SiliconIndia   |   Tuesday, 29 July 2008, 12:33 Hrs   |    7 Comments
Printer Print Email Email
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."

SPOTLIGHT
Wipro opens third industrial
IT major Wipro Ltd on Thursday opened its centre of excellence for Industrial Internet of Things (..
IBM announces programme
n a bid to recognise the contribution of developers in the open source community, Information ..
Facebook denies cyber attack
Facebook ruled out a cyber attack on its products Whatsapp, Instagram and Messenger, which suf..
Google's Gboard gets offline
Google is adding an Artificially Intelligent (AI) offline dictation feature on its Gboard keyb..