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One of the big Swiss banks, Credit Suiss, has just informed 58 of it's IT specialists that they are now employed by an Indian company. If they don't want to work for HCL Technologies, then they no longer have jobs. This takes effect at the end of this month.
I'm not even sure this is legal - Switzerland normally requires a minimum of 3 months notice. Probably the CS lawyers have found some loophole or other, like "selling" a whole department or something.
The bank has stated that the employees will receive HCL contracts for "at least 12 months". Which probably also means "at most" 12 months, because no Indian company wants expensive Westerners on its books any longer than necessary.
Of course, CS is a really good bank if you're in top management. Top management rakes in the bonuses, no matter how poorly the bank performs.
[ Originally reported by TagesAnzeiger (German), which stated the number of employees impacted as 100. -Ed.]
(Score: 3, Informative) by FakeBeldin on Wednesday July 05 2017, @07:47AM
Though the evils of H1B visa are aplenty, they really don't relate to this story.
This story is about IT folks working in Zurich. Switzerland does not have H1B visa. Moreover, the story is about people's jobs moving to a different company, not about outsiders coming in on questionable terms and taking jobs from Americans - or even from Swiss.