Genpact's Open Wealth business plans to lay off 365 people in Richardson next month after client contracts end, according to a notice filed with the Texas Labor Commission.
Genpact, a global professional services firm, expects the permanent layoffs to occur on or about February 28, according to a letter signed by Richard Sutton, the company's executive vice president and general counsel. This is the company's second major layoff in Richardson in the past 12 months.
Founded in New Delhi, India in 1997 as a division of General Electric, the company has approximately 120,000 employees in more than 35 countries and annual sales of $4.4 billion.
“Responding to rapidly changing customer needs is a standard part of Genpact's agile operating model,” Genpact spokesperson Danielle D'Angelo said in an email. “We are committed to handling any transition thoughtfully and smoothly, and ensuring everyone is treated fairly and with respect. Richardson continues to be a strategic market for us.”
Genpact acquired the U.S. OpenWealth platform from Citibank in 2015 and provides wealth management services to banks, brokers, insurance companies and asset managers. It described wealth management management as a “strategic investment and growth area” for the company.
Genpact's layoffs are among about 1,000 jobs reported to TWC since early 2024. Other job cuts include 176 jobs at ABM Industries in San Antonio, 103 at Packers Sanitation Services in Friona, 76 at Randall's in Austin and 75 at Masonite Corp. He's 71 in Greenville, 71 at Tom Thumb in Grapevine, and 60 at Technica in San Antonio.
In 2023, Texas employers reported more than 24,000 layoffs in federally required mass layoff notices. Overall, Texas touted record job growth last year, adding 407,100 jobs from November 2022 to November 2023, according to the latest data from the Texas Workforce Commission.
Dallas Fed researchers say Texas employment will grow rapidly and the unemployment rate will remain low in 2023, but mass layoffs could increase further.
WARN layoffs in Texas averaged 36,801 per year from 2012 to 2019, wrote senior business economist Luis Torres and economic programmer Prithvi Kalkunte. The number of notifications soared to 190,643 in 2020 due to the pandemic, but has since fallen below historical averages and reached an all-time low over the next two years.
“Current notification levels in Texas suggest that the unemployment rate is poised to rise and job growth may slow,” the Dallas Fed researchers wrote.
The state's five metropolitan areas typically account for about 65% of WARN's annual layoffs, with Dallas, Fort Worth and Houston leading the way. But Austin recorded an unusually high level of WARN layoffs last year, with the study pegging 3,552 layoffs through October 2023.
Austin accounted for 20% of WARN's layoffs in the first 10 months of 2023, despite accounting for just 9.6% of the state's jobs.
“Austin's increase is likely due to downsizing of tech companies following a period of aggressive hiring during the pandemic, when global talent became available in a typical work-from-home environment,” the researchers said. are writing. Tech companies including VMware, Legalzoom.com, Accenture, Tata Consultancy, Cognizant and Wix.com have all filed Austin-based layoff notices in 2023.
Dallas-Fort Worth's biggest job cuts due to WARN notices last year were 1,047 positions at the Walmart e-commerce fulfillment center in Fort Worth. D-FW led the nation's metropolitan areas in job growth over the past five years, adding approximately 600,000 jobs.
