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ICG Business Review |
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Cap Gemini Ernst & Young shocked the technology sector last month by issuing a profits warning and declaring 2,700 redundancies. Europe’s biggest services group said its business in the finance, manufacturing, technology and telecoms sectors was suffering from falling demand. Its warning prompted a new round of speculation that Europe could not expect to escape the downturn afflicting the US economy. The majority of the job losses, amounting to about 4.5% of the group’s worldwide workforce, will fall in the US and the Nordic countries. The UK saw 227 redundancies in May but is expected to escape the latest round of cuts. In the UK, KPMG plans to lay off up to 200 consultants. KPMG’s cuts follow a similar move earlier in the year by PricewaterhouseCoopers, which is to reduce its US consulting workforce by up to 8% and has announced plans to cut partner numbers by 10% in the UK. |
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International Consultants' Guide July 2001
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E-Communications