Yahoo Lays Off 45 People
Global search engine and web services provider Yahoo! has started the retrenchment drive by terminating the services of 45 people in India. Company spokesperson said that the global financial crisis and slowdown impacted the growth of the company, forcing it to take extreme steps like retrenchment. It would also employ other cost cutting measures to mitigate the losses. It had already hinted in October about the job cuts.
The company said, "Around three percent (45 people) of our India headcount, which is 1,500, has been asked to go on Wednesday as per the directive from our headquarters at Sunnyvale in the US. Majority of those laid off were from Bangalore operations, while the rest are from Mumbai. The layoffs were based on two parameters - performance and business realignment."
Yahoo is also proposing the closure of some non-performing units and clubbing of some operations into new entities to combat the slowdown. It is also exploring new areas to sustain growth rate.
The company had already terminated the services of 40 people from its research and development and web services divisions in Bangalore and Mumbai, last year.