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Accenture to lay off 19,000 jobs globally as part of its effort to reduce costs in the face of a negative financial future.

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Accenture announced on Thursday that more than half of the positions to be eliminated will be in non-billable corporate tasks, which helped boost its stock by 6.4%.

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Between February 2022 and February 2023, Accenture's workforce increased by an enormous 39,000 employees.

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Accenture stated in a filing that it would spend $1.2 billion in severance pay to reduce 2.5% of its staff over the next 18 months in more than 200 cities in 49 countries.

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Accenture's previous estimate of an increase of 8% to 11%, now expecting yearly revenue growth to be between 8% and 10%.

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Julie Sweet, chief executive officer of Accenture, said the company plans to cut expenses in fiscal 2024 and beyond while continuing to invest in its operations and workforce.

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Tech industry has been forced to lay off hundreds of thousands of workers since late last year, due to high inflation and rising interest rates.

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According to Stanford Graduate School of Business expert 513 tech firms have laid off 150,000 workers so far this year.

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