HR Headlines: Oct-08 (Part-4)

Despite The Slowdown, LPOs Bullish on Hiring
While the off-shoring industry is going through a phase of employee lay-offs, companies providing legal process outsourcing (LPO) services are on a hiring spree as demand for litigation services from the US rises. In the coming months, several LPOs have plans to at least double headcount in order to cater to the increased work flow resulting from the recent turmoil in the US that has seen several financial institutions collapse.
Source: 29-09-08 The Hindu Business Line Compiled by Amresh Anjan

As Nuclear Deal Nears, Hunt For People Begins
As the Indo-US Nuclear deal is getting closer, large private sector companies have begun hunt for people to spearhead nuclear power initiatives. Reliance Power, Tata Power, Larsen & Tourbo (L&T) and the Godrej group are set to add more people for is nuclear power divisions. The Godrej group, which already has a nuclear power equipment division, is in the process of finalizing plans to hire more people. Reliance {ower, which is exploring opportunities in the nuclear power industry, has formed a team. L&T has set up a team of engineers, headed by its senior vice president (Heavy engineering and construction) and member of board, Mr. M V Kotwal for its nuclear power generation. Though these companies have not provided details about their hiring plans, recruitment industry sources said that private sector companies are hiring people with international experience.
Source: 01-10-08 Hindustan Times (Mumbai) Compiled by Amresh Anjan

Lehman’s Staff Appointed By Merrill Lynch
Merrill Lynch has appointed Mr. James Chapman as Director and Head of Asia investment banking along with a five member team, all ex-employees of Lehman Brothers. At Lehman Brothers, Mr. Chapman was responsible for supporting the sourcing and execution of interest rate, FX and commodities hedging and other risk management solutions across power sector clients. In Merrill Lynch, he will report to Ms Naomi Molson. Mr. Chapman has worked in the industry for past 14 years during which time he has developed close relationships with clients globally. The other recruitments include, Mr. Anoop Chaudhary and Mr. Hen Ng join as Vice President, Mr. Raymond Yu and Mr. Robert Smith who joined as associates, while Mr. Brian Kelly joins as an analyst.
Source: 01-10-08 The Financial Express Compiled by Amresh Anjan

US Slowdown Also Affects Tier-II Cities in India
The crisis in the US has impacted campus recruitments in tier-II cities as well. According to representatives from engineering colleges, IT companies are now staying away from the campus, which has resulted in an over 80 per cent drop in placements. But it is not just the big companies. Even mid-size and smaller IT companies have slowed down their recruitments due to the uncertainty in business from the US, which is the single-largest market for these companies, says Mr. L Venkataesan, a placement consultant based in Tiruchy. JJ College of Engineering in Tiruchy, till before last year, saw almost 95 per cent of its students being placed. This year, only two students have been selected. The slowdown in the recruitment activity has lowered the morale of the students, said Mr. Mahadevan, placement officer with SA Engineering College in Tiruverkadu, near Chennai.
Source: 30-11-99 Business Standard Compiled by Amresh Anjan

Two Indians In The List Of World’s Top Nonbank Women In France
Two Indians, HDFC's Ms Renu Sud Karnad and ICICI Venture's Ms Renuka Ramnath have made it to the global list of top 25 Nonbank Women in Finance, compiled by American magazine US Banker. Further, an Indian-origin woman Ms Ranjana Clark of American bank Wachovia Corp has made it into the list of the 25 Most Powerful Women in Banking for 2008. Ms Renu Sud Karnad, Managing Director of Housing Development Finance Corporation (HDFC) has been ranked 10th, while ICICI Venture Funds Managing Director and Chief Executive, Ms Renuka Ramnath is at the 14th spot. Ms Ranjana Clark, Senior Executive Vice President and Chief Marketing Officer at Wachovia has been ranked 22nd. The league of 25 Nonbank Women in Finance has been topped by Ms Nicole Arnaboldi, Vice Chairman of Alternative Investments at Credit Suisse.
Source: 02-10-08 DNA Compiled by Amresh Anjan

Aviva India Hires Ex-Citibank Executive
UK Insurance major, Aviva has announced the appointment of Mr. T R Ramachandran as the Chief Executive Officer of its Indian operation. Mr. Ramachandran, who was with Citibank for the last 19 years, has replaced Mr. Bert Paterson who led Aviva India since September 2006.
Source: 01-10-08 DNA Compiled by Amresh Anjan

Swiss Bank UBS Cuts 2, 000 Jobs
The biggest bank in Switzerland, UBS AG will reorganize its troubled investment bank, closing its commodities business and cutting a further 2,000 jobs, the bank said. The bank aims to maintain the strengths of its equities business in cash distribution, derivatives and prime services and seek further efficiency gains.
Source: 03-10-08 Sify Finance Compiled by Amresh Anjan

Lehman Employees In Search Of Stability
Lehman Brothers’ ex-employees of back office operations are putting together pieces of their rattled career, bit-by-bit. For those employees, who have decided to stay on, concerns abound. Japan’s Nomura Holdings’ acquisition of Lehman Brothers’ Asia operations did not include the latter’s Powai facility, as it falls under the management of New York rather than Asia Pacific. On the other hand, those who have opted to move out of Lehman, mostly at the senior and mid levels, are now looking at new, and more stable stints at their new workplace, including BPOs and other financial companies. However, many of the 2, 200 back office employees are still in a wait and watch mode, as they are finding it difficult to give up the Lehman brand name, pay package and bonuses.
Source: 03-10-08 Business Standard Compiled by Amresh Anjan

Unemployment Benefits In The US Rose To A Seven Year High
US government data show new applications for unemployment benefits rose slightly last week to a seven year high, mainly due to the impact of Hurricanes like Ike and Gustav and a weakening economy. The labor department reveals initial claims for jobless benefits increased by 1, 000 to a seasonally adjusted 497, 000. That’s significantly above analysts’ estimate of 475, 000. The total is the highest since just after the September 11 terrorist attacks seven year ago.
Source: 03-10-08 HT Business Compiled by Amresh Anjan

Being Benched Or Being Laid Off, Which One Do You Prefer?
Benched has become the most feared verbs in the IT industry today. Being benched can be worse than a layoff, as it doesn’t possess the finality of having a job. A worker on the bench is in limbo – he (or she) could be on a project tomorrow, or be asked to leave. US and Europe, the main markets of Indian IT services firms, are delaying ongoing projects and deferring decisions on new ones, companies here are increasingly putting more people on the bench. While companies are not interested in discussing the numbers on their benches, anecdotal evidence seems to suggest that these have been on the rise.
Source: 03-10-08 Hindustan Times Compiled by Amresh Anjan

Satyam Names BPO CEO
Satyam Computer Services Ltd has announced the appointment of Mr. Vijay Rangineni as the Interim Chief Executive Officer (CEO) of Satyam BPO. The announcement came after Mr. Venkatesh Roddam, who heads the arm said he is resigning.
Source: 01-10-08 The Hindu Business Line Compiled by Amresh Anjan

Jet Airways Appoints New Group CEO
Jet Airways has appointed Mr. Ravi Chaturvedi, former President of Procter and Gamble, as Group CEO. Jet Airways CEO, Mr. Wolfgang Prock-Schauer clarified that Mr. Chaturvedi would not replace him, nor would Mr. Prock Schauer report to him.
Source: 01-10-08 Business Standard Compiled by Amresh Anjan

Piramal Enterprises Appoints Mr. Murari Rajan
Piramal Enterprises Ltd announced the appointment of Mr. Murari Rajan as Executive Director. He will handle the responsibility of mergers & acquisitions and corporate development for the firm.
Source: 27-09-07 DNA Money Compiled by Amresh Anjan

Reliance Communications Names Mr. B B Anand As President
Mr. B B Anand has joined Reliance Communications as the President of the Association of Unified Telecom Service Providers of India (Auspi). He takes over from Mr. Madhav Joshi.
Source: 27-09-08 DNA Compiled by Amresh Anjan

StanChart Promotes Mr. Hemant Mishr
Standard Chartered Bank has promoted Mr. Hemant Mishr as Head of Global Markets, India. He assumes this responsibility after having led the bank’s financial markets sales division for India and South Asia since 2004.
Source: 27-09-08 DNA Money Compiled by Amresh Anjan

US Factory Activity Shrinks, Jobs Weak
As the financial crisis tightens in the US, the factory activity in the country shrank in September to its lowest since the 2001 recession, and private employers shed jobs for the third time in four months. US private sector employers cut 8, 000 jobs in September, according to a report by ADP Employer Services and Macroeconomic Advisers that did not include the impact of the financial chaos of the past few weeks.
Source: 03-10-08 Business Standard


Compiled by Amresh Anjan