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Reliance Money to lay off 300 employees

Source: PTI
April 27, 2009 19:14 IST
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Anil Ambani Group firm Reliance Money on Monday said it is undertaking a performance monitoring exercise for its staff which could result in separation of about 300 employees due to their under-performance.

The company, however, brushed aside speculations about any massive layoffs terming the churn of about 10-15 per cent as a normal process in its businesses and also dismissed rumours about the resignation of its MD Sudip Bandyopadhyay.

Besides, the company said that it has even hired more than 500 persons in certain businesses in the recent months.

"The churn of under performers has to be carried out to keep the company trim and fit and the reduction of less performing staff by 10-15 per cent is the usual cut which we make in March-April period," Bandyopadhyay told PTI over telephone from Mumbai.

The total workforce of Reliance Money across all its verticals, including broking, money changing and money transfer and gold coins, is over 2,000 employees. On the basis of the total workforce size, there would be around 200-300 jobs cuts at present.

"Although it is a usual practice of the company, due to the slowdown in the industry the pain would be more for those being released by us," Bandyopadhyay said.

Asked about rumours of his resignation, Bandyopadhyay said, "All these are baseless and incorrect. I'm here to stay."

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