Accenture Plc on Thursday lowered its annual revenue and profit forecasts and said it would cut about 2.5% of the workforce, or 19,000 jobs, the latest sign that the worsening global economic outlook was sapping corporate spending on IT services.
Amazon.com Inc said on Monday it would trim 9,000 jobs, making it the latest Big Tech company to plug a second round of layoffs in the face of a possible slump.
Alphabet and Meta Platforms have slashed thousands of jobs in recent months after pandemic-led hiring sprees left them overstaffed. Amazon follows Facebook-parent Meta in becoming the second leader to announce a second round of stakes.
- After the collapse of the Silicon Valley Bank, a new study has found that 186 US banks are at the risk of meeting a similar fate. The major reasons for this are rising welfare rates and high proportion of uninsured guarantees, said the report.
- The Social Science Research Network study, named ‘Monetary Tightening and US Bank Fragility in 2023: Mark-to-Market Losses and Uninsured Depositor Runs?’, says that 186 banks could fail if even half of their uninsured depositors withdraw their accounts.
- “Even if only half of uninsured depositors decide to withdraw, almost 190 banks are at a possible risk of impairment to insured depositors, with potentially $300 billion of insured deposits at risk,” says the report.