IT services firm Accenture to slash 19, 000 jobs worldwide

Business Friday 24/March/2023 18:45 PM
IT services firm Accenture to slash 19, 000 jobs worldwide

Washington: As mass layoffs continue to remain prevalent globally, another IT firm Accenture has planned to slash at least 19,000 jobs worldwide due to an economic crunch, CNN reported.

More than half of the roles which will be slashed would be among back-office staff, the company stated. The Irish-American professional services firm disclosed in a filing on Thursday, according to CNN that it would spend USD 300 million to consolidate its office space and USD 1.2 billion on severance to reduce its workforce by 2.5 per cent over the next 18 months.

Accenture, which is a USD 167 billion company downgraded its revenue growth outlook for the 2023 fiscal year to between 8 per cent and 10 per cent, from its previous estimate of between 8 per cent and 11 per cent, CNN reported.

In its most recent quarterly report to the Securities and Exchange Commission, Accenture (ACN), which has 738,000 employees worldwide, stated that while it "started measures to streamline operations and alter the non-billable corporate services to cut expenses."

Last week, Amazon CEO Andy Jassy said Monday he was cutting 9,000 more jobs from the online retail giant's workforce, following the 18,000 that were axed in January.

The latest cuts come after the company announced earlier this year that it was eliminating some 18,000 positions as part of a major cost-cutting bid at the e-commerce giant.

Moreover, Facebook parent Meta said also said this month that it was laying off an additional 10,000 workers, on top of the 11,000 job cuts announced late last year.