IT major Cognizant will cut around 7,000 jobs in the next few quarters, reported The Economic Times. The firm, the report said, will also exit its content moderation business as part of strategic restructuring impacting another 6,000 employees.

The company, the report added, in a post-earnings conference call with analysts informed that it would remove around 12,000 mid-to-senior employees from their current roles, and reskill and redeploy about 5,000 of those impacted.

This ultimately puts the future of around 7,000 mid-to-senior employees in the dark. “The gross reduction is expected to lead to a net reduction of approximately 5,000 to 7,000 roles (about 2 percent of the company’s total population),” an executive of the New Jersey-based firm was quoted as saying in the report.

Earlier, the company had stated that it will be exiting its content moderation business for clients including social media giant Facebook. This had raised concerns about widespread job loss among many.

The development is particularly worrying for India, as the firm has a significant workforce in the country. Not only had it posted a net profit of $477 million in the year-ago period but had also raised its annual revenue growth outlook to 4.6-4.9 percent for 2019.

(With PTI Inputs)

First Published:Oct 31, 2019 12:29 PM IST