Microsoft axes 55 people in India - 11:17AM

Microsoft axes 55 people in India - Hindustan Times Microsoft axes 55 people in India In the global economic downturn, even cash-rich, profitable companies are not sparing staff from layoffs. Software giant Microsoft trimmed down its India work-force by one per cent last week. The company employs 5,500 workers in India and the downsizing, part of a worldwide exercise, will impact about 55 people across the company’s six-business divisions spread across Bangalore, Delhi and Hyderabad. The India layoffs follow a worldwide drive announced by CEO Steve Ballmer last week. “Due to a global realignment of our business priorities, about one percent of the net rolls across India are likely to be impacted. These adjustments reflect the necessary changes to ensure that the right resources are focused on the right priorities,” Microsoft India said in a statement. “We are currently working with the concerned employees to evaluate alternative positions internally and where applicable look at mutually favourable disengagement terms,” the statement said. Last January, the company announced plans to reduce 5,000 jobs globally by June 2010 across divisions to save up to $700 million (Rs 3,500 crore).

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Wow! Wonder how much that will save them. They have also issued a first ever bond offering. See details here. What do they know we don't? Must be green shoots.