Sunday , 3 March 2024
Home Uncategorized Accenture slashes 19,000 jobs worldwide
Uncategorized

Accenture slashes 19,000 jobs worldwide


London
CNN
 — 

Accenture plans to slash 19,000 jobs worldwide as it attempts to cut costs amid a gloomy economic picture.

The Irish-American professional services company said in a Thursday filing that it would spend $1.2 billion in severance to cut 2.5% of its workforce over the next 18 months, and another $300 million by consolidating its office space.

More than half of the axed roles would affect its back-office staff, the company said.

Accenture

(ACN)
said in its latest quarterly report to the Securities and Exchange Commission that it continues to hire, but had “initiated actions to streamline [its] operations and transform our non-billable corporate functions to reduce costs.”

The $167 billion company downgraded its revenue growth outlook for the 2023 fiscal year to between 8% and 10%, from its previous estimate of between 8% and 11%.

Shares in Accenture rose 3.9% to hit $263 apiece in early trade after its announcement.

The New York-listed company is down by more than 5% year over year.

Accenture’s rivals are also trying to trim their costs. Consulting giant KPMG announced in an internal memo last month that it would cut almost 2% of its US workforce as it anticipated a wane in client demand, according to a Financial Times report.

McKinsey could also slash as many as 2,000 non-consulting staff in one of its biggest round of layoffs ever, Bloomberg reported last month, citing unnamed sources close to the matter.

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

Russian apartment building attacked by alleged drones from Ukrainian forces: state media

A drone crashed into an apartment building in St. Petersburg Saturday morning,...

Meloni’s shift from anti-globalist to pro-Europe, Biden buddy infuriates base: ‘Will not vote for her anymore’

Italian Prime Minister Giorgia Meloni met with President Biden this week, calling...

Canada pledges millions to ‘gender-inclusive’ effort to remove landmines from Ukraine

Join Fox News for access to this content Plus special access to...

World, UN signal no exit for civilians caught up in Gaza war: ‘Politically toxic’

Join Fox News for access to this content Plus special access to...