Altisource Layoff Hits 300 Employees!

Luxembourg based mortgage and financial services company, Altisource has laid off 300 employees from its Bangalore office - reports ToI. There's no official word from Altisource about the layoff yet but several employees who were laid off were clueless about this sudden firing that happened at the office. Some were crying and some were very angry with the HR.

The employees were offered 2 months of compensation and there was no prior notice or intimation about the sacking. Altisource has fired several of its employees in its Boston based offices as well to 'realign the employee base with upcoming business opportunities'. Some of the employees were wondering if the company wasn't able to afford them; why did the company did a mass recruitment drive just two months ago.

This layoff news is quite important at the backdrop of our recent discussion about <a href="https://www.crazyengineers.com/threads/tcs-layoff-to-affect-25000-employees.77818">TCS Layoff To Affect 25000 Employees?</a>. I've also been hearing news that several employees at CISCO's Bangalore office have been shown the pink slip; but it could just be a rumour.

I'd like to welcome notes and comments from those who are more familiar with the situation.