BUSINESS

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BUSINESS

Accenture to fire 19,000 employees

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Accenture layoffs

Accenture plans to cut 19,000 jobs due to decreased enterprise spending amid recession fears. It will be the biggest tech layoff in recent months.

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Cutting non-billable staff

Accenture will cut 2.5% of its workforce. The layoffs will primarily impact non-billable corporate functions, with half facing termination.

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Streamlining operations

Accenture plans to reduce costs by streamlining operations. The company would still hire to support strategic growth priorities.

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Projections

Accenture reduced its revenue and profit projections, citing the current economic outlook, and expects enterprises to cut technology budgets.

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Restructuring and severance

Accenture plans to finish its restructuring in 18 months. The company allocated $1.2 billion for severance pay.