Thursday, 13 November 2008

No major lay-offs yet due to slowdown: Edelweiss

Mumbai-based financial services provider Edelweiss today said there has not been any mass job cuts, in the company even though its income
has been impacted by the economic slowdown, except for a "few" non-performers, who were asked to leave.

"Across the board people were sacked for non-performance. Edelweiss has regular appraisal process twice a year in April and October. This was part of the exercise... There have been no mass lay-offs however," a company spokesperson said.

Responding to reports of 30 people being fired by the company, the spokesperson said the step was not a cost-cutting measure and had not been taken due to the economic recession.

"This has nothing to do with slowdown, in fact the company has hired 35 people alone in the month of October and around 200 in the year so far," he added.

Though the income of the company had been impacted by the economic slow down, the financial services firm would look at retaining the areas where it had foothold, he said.

Currently, Edelweiss has 1,800-strong staff from 1,600 people in the beginning of the year.

Being a diversified financial services company, it operates across investment banking, institutional equities, asset management, wealth management, private client brokerage, insurance brokerage and wholesale financing.

Source: EconomicTimes

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