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Accenture to axe 19,000 jobs, growth & profit forecast also cut down

The company has also trimmed its annual revenue growth & profit forecasts, admitting that corporation spending on IT spending is likely to see a cut owing to ‘recession worries’.

New Delhi: Amid the worsening global economic scenario, the latest multinational company to deliver ‘bad news’ to thousands of its employees is the IT major Accenture.

Accenture Plc, the IT company with its presence in many countries, said on Thursday that it would cut down 2.5% of its workforce, which would roughly translate into loss of 19,000 jobs, reported a leading business portal.

The company said that corporate spending on IT services has taken a beating due to dipping economic scenario and hence it is looking at handing pink slips to 19,000 people over next 18 months.

“We expect over half of these departures will consist of people in our non-billable corporate functions,” the company said in a regulatory filing.

The company, however, informed that it will continue to hire for its strategic growth and this step was taken to streamline its non-billable corporate functions and reduce the gaps.

The company has also trimmed its annual revenue growth & profit forecasts, admitting that corporation spending on IT spending is likely to see a cut owing to ‘recession worries’.

The company had set annual revenue growth targets of 8-11% growth but now the same has been reduced in the range of 8-10%.