IT services sector plans to cut 5% of BFSI workforce2 min read 24 Mar 2023, 10:25 PM IST
Top IT companies such as Tata Consultancy Services, Infosys, Wipro and HCL Tech are still facing high employee costs, despite a decline in overall headcount.
NEW DELHI : Indian IT services companies may shrink their workforce catering to the banking and finance sector by 5-7 percentage points in the next quarter, analysts and recruiters said after Accenture Plc. decided to cut 7,000 employees in India as part of a global layoff. Overall, the sector is expected to reduce 5% staff across business segments. “As one of the top consumers of technology, the BFSI (banking, financial services and insurance) sector’s shake-up and austerity will impact order books of the Indian IT services cohort. Margin-sensitive bellwethers will hence look at optimizing spending by resizing BFSI-focused teams," said Kamal Karanth, co-founder of Xpheno, a recruiter specializing in tech hiring.
Select your Category