Accenture to cut 19,000 jobs globally

Accenture said it will cut 19,000 jobs over the next 18 months, joining a growing list of companies in the consulting sector laying off workers amid a challenging economic environment.

The consultancy expects to incur $1.2bn in employee severance and other personnel costs and will spend an extra $300m on office space consolidation.

Accenture’s job cuts — which make up about 2.5 per cent of its workforce, are the biggest announced in the consulting sector yet.

Last month McKinsey revealed plans to ax 2,000 jobs, after seeing a rapid growth in headcount during the past decade.

Meanwhile KPMG announced it laid off almost 700 professionals from its US advisory practice amid slowing demand.

Others like EY are trimming their hiring targets by thousands of people.

Over half of the job cuts at Accenture will affect people in non-billable corporate functions.

Read: Meta starts next round of layoffs with 1,500 jobs in recruiting, HR