Bangalore: From the past two days, HSBC India has shown the doors for as many as 200 employees which include assistant managers to Vice Presidents from its Hyderabad center alone. In a similar case the HSBC in its Pune center has laid off over 350 employees and it has been estimated that a total of 750 employees have been asked to quit their jobs across locations and destinations. It has been reported that including the Assistant Managers till the Vice Presidents were called upon for a meeting to choose between termination or the resignation and just a couple of hours before today the employees were escorted out the company building after they had a meeting with the HR department of the company, reports Syed Mohammed of The Times of India.

According to a manager who was asked to leave said TOI, as he was asked to log out from his computer and leave immediately within ten minutes and he added, even some of the employees who had performed better were asked to quit immediately.

As a part of layoff deal, the international bank has offered an adequate compensation of one month’s salary for each year spent in the company plus three months salary.

It was quite relaxing for the lower level employees as they were spared while many from the middle and higher level employees were the main targets to be axed. In the mean time, the bank has also taken precautionary measures by closing its balconies to possibly aggressive reactions because of the layoff. Even the bank’s corporate communication staff was shortened from five to just one.

As per few sources, the restructuring of the company was in the offing since the mid-2011 and from that time many employees were in the tenterhooks. In the mean time there are several videos that have been posted to spread the awareness to lose the job as soon as possible.  A source also claimed that, Project Nemo, a de-layering exercise was started at the global level to remove people across levels of assistant managers, managers, vice-presidents and even the presidents even though they had put years of loyal service to the bank.

A HSBC spokesperson Rajesh Joshi, he rejected to comment anything regarding the sacking but he just said India is a key market and the bank will be continuing to invest in this country.