The Economic Times, 5 Mar 2009, Mohit Bhalla & Mahima Puri
NEW DELHI: Temasek-backed NBFC Fullerton India has given pink slips to 3,000 employees, which is around 20% of its workforce in India. The
Mumbai-based credit company is also learnt to have shut down 50 branches across the country owing to the liquidity crunch.
A company spokesman said, "This is a consolidation exercise, under which branches have been merged and under-performers have been asked to leave."
Another company official said those people laid-off were probationers and in the first year of their jobs. "Most of these employees were given six to nine months to develop their skills and were also provided with adequate training. Those who could not come up the learning curve have been asked to leave".
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