An internal note of FICCI assessed by ET states that the job market is ominous and most employers are compelled to impose hiring freeze. Sectors such as auto, IT and banking are the worse hit and are witnessing thousands of layoffs.

The surrendering of the banking license by UBS mirrors a growing bitterness among foreign investors about India's future prospects.

The FCCI note also revealed that IBM, as a part of its re-alignment strategy, has already started discharging employees in North America and possibly more jobs are likely to be sliced in other economies such as India. As per the Headhunters, the constant worry in the job market is evident, though it hasn't become an all-embracing or wide-ranging phenomenon yet.

Industry-wide studies carried by Assocham and FICCI give a clear picture that there is a steady fall in the number of firms that expect to increase their headcounts, which also implies that there is larger demand/pressure to trim workforce.

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