American multinational corporation Cognizant which provides IT services, consulting, and operations services, will cut around 7,000 mid to senior-level job roles in the upcoming quarters, as part of its restructuring process.
In a post-earnings call, CEO Brian Humphries said as a part of organisational restructuring, the company had made the difficult decision to let go 10,000 to 12,000 mid-to-senior level employees from their current roles.
“The gross net reduction of employees will be 5,000 to 7,000 roles,” Humphries said.
Besides, 6,000 employees will be affected by Cognizant’s decision to get out of content operations business.
The move is a part of the restructuring effort undertaken by the CEO. Under ‘2020 Fit for Growth Plan’ the company eyes to involves investment in technology, sales and marketing, reskilling, acquisitions, and partnerships to sharpen strategic positioning in key digital areas.
In third quarter, the company registered a revenue of $4.25 billion, up by 4.2 per cent for the same quarter last year.