<p> Infosys has said it will ramp-down about 3,000 jobs following Royal Bank of Scotland's decision to cancel the project to set up a separate bank in the UK.<br /><br /></p>.<p>RBS announced last week that it will not pursue its plan to separate and list a new UK standalone bank, Williams & Glyn (W&G), for which Infosys was a key technology partner.<br /><br />"Infosys has been a W&G program technology partner for Consulting, Application Delivery and Testing services, and subsequent to this decision, will carry out an orderly ramp-down of about 3,000 persons, primarily in India, over the next few months," Infosys said in a statement.<br /><br />An Infosys spokesperson clarified that these jobs are not being cut and that the employees will be reallocated to other projects.<br /><br />RBS is a key relationship for Infosys and the company looks forward to further strengthening strategic partnership and working with them across other strategic and transformation programmes, it added.<br /><br />While Infosys has not specified the impact of the cancellation, market analysts peg it at around USD 40 million.<br /><br />The loss of the five-year 300-million pound RBS deal could force Infosys to further downgrade revenue guidance for FY2016-17. Infosys had in July slashed annual sales outlook citing weak demand to 10.5—12 per cent in constant currency terms, lower than the previously estimated 11.5—13.5 per cent.<br /><br />Stock of Infosys was trading at Rs 1,054.10, down by 0.87 per cent on BSE in afternoon session.<br /><br /></p>
<p> Infosys has said it will ramp-down about 3,000 jobs following Royal Bank of Scotland's decision to cancel the project to set up a separate bank in the UK.<br /><br /></p>.<p>RBS announced last week that it will not pursue its plan to separate and list a new UK standalone bank, Williams & Glyn (W&G), for which Infosys was a key technology partner.<br /><br />"Infosys has been a W&G program technology partner for Consulting, Application Delivery and Testing services, and subsequent to this decision, will carry out an orderly ramp-down of about 3,000 persons, primarily in India, over the next few months," Infosys said in a statement.<br /><br />An Infosys spokesperson clarified that these jobs are not being cut and that the employees will be reallocated to other projects.<br /><br />RBS is a key relationship for Infosys and the company looks forward to further strengthening strategic partnership and working with them across other strategic and transformation programmes, it added.<br /><br />While Infosys has not specified the impact of the cancellation, market analysts peg it at around USD 40 million.<br /><br />The loss of the five-year 300-million pound RBS deal could force Infosys to further downgrade revenue guidance for FY2016-17. Infosys had in July slashed annual sales outlook citing weak demand to 10.5—12 per cent in constant currency terms, lower than the previously estimated 11.5—13.5 per cent.<br /><br />Stock of Infosys was trading at Rs 1,054.10, down by 0.87 per cent on BSE in afternoon session.<br /><br /></p>