Fidelity to close Gurgaon offshoring unit
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Fidelity to close Gurgaon offshoring unit

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

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Reader's comments(7)
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.


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