According to reports, Siemens Information Systems has sacked nearly 500 of its 5,500 employees in India this week. The company, which is an Information Technology arm of Siemens India, is a leading provider of software solutions in the country with clients in a range of sectors from aviation to financial services and Telecom. The reports also suggest that major job cuts took place in Bangalore where the company’s development center is located. In a statement released to the media, the company has held “global economic slowdown and unfavorable market conditions” responsible for putting the company’s System Development and Engineering unit under cost pressure. Justifying the company’s decision to sack employees, Siemens spokesperson said that the company is going beyond its contractual obligations to compensate the sacked employees. It is believed that those sacked also include those employees who were still serving probation the period.