Pinkslips at TCS Australia

AUSTRALIA: The Australian subsidiary of country's largest IT company TCS, Tata Consultancy Services Australia, has reportedly retrenched 15 employees in its global banking service division. The report quotes a TCS spokesman saying that due to the tough situation in the global banking industry, the company had to make "some adjustments in this area of our business." Though the spokesperson added that the company's Australian operations continue to perform well in core IT business areas. He also said that the move would not affect TCS customers. The company clients include Commonwealth Bank, Qantas and Woolworths. The current headcount in TCS' financial services stands at 250, it has grown by almost double over the past year claims the company. The global crisis in the banking, financial services and insurance (BFSI) sector has severely impacted IT industry. BFSI clients, who contribute more than one-third to the total revenue of Indian IT industry, are going slow on their decisions on discretionary spend due to the global financial turmoil.