The information technology services provider will also eliminate up to 7,000 jobs in its other units to invest in growth areas such as cloud and internet of things to cushion the impact from a decline in spending by its financial customers.
After Humphries took over in April, he took drastic measures to cut down costs and focus on growth.
Nearly 38 per cent or over 75,000 of Cognizant's India headcount consists of women professionals. Of the company's total base of 2.88 lakh employee, two lakh are located in India.
The company approved 500 head count additions to tap into a growth opportunity, Brian Humphries said in an interview to CNBC-TV 18.
IT service sector is known to be very competitive in general. Known for its large campus intakes, majority of employees in this sector hold bachelor's degrees. Multnational Corporations become attractive to junior employees if they see a possibility of small hikes and an opportunity to work overseas.
Ramamoorthy has been with Cognizant for over 21 years.
Frustrated over bad leave policy and long working hours, the techies decided to drag IT giants Accenture and Cognizant to court.
The job cuts will affect a few hundred employees – mostly those with over eight years’ experience, as new CEO Brian Humphries looks to slash spends
The US-based company, which has a significant number of its headcount in India, said it took "targeted actions" at senior-level executives in the second quarter - a move that is expected to result in $65 million of annualised savings.
Justice K Kalyanasundaram granted liberty to the petitioner to raise all the issues before the Dispute Resolution Panel (DRP) within two weeks.
In 2017, it had given voluntary severance packages to 400 senior employees.
At 1121 hrs, the Nifty IT index was trading at 16,191.35, down 1.29 percent. All the constituent stocks are trading in the negative, with TCS being the biggest loser, down 2.05 percent
The company's reliance on financial services sector has been weighing on its overall revenue growth.
Meritsoft, which offers solutions for post-trade processing, counts five of the world's eight leading investment banks among its clients, Cognizant said in a statement.
While bribery by tech companies is hardly an isolated incident, it highlights the need for better internal audits the companies need to follow, say experts.
The SEC also alleges that Cognizant authorised the construction firm to make two additional bribes totaling more than $1.6 million.
Under Francisco D'Souza, the company overtook Infosys and Wipro in terms of revenue.
Congnizant ropes in an 'outsider' as CEO; Francisco D’souza to continue in the board as non-executive vice chairman.
The IT company also posted net income of $648 million for the fourth quarter ended December 31, 2018
The transaction is expected to close in the first quarter of 2019 subject to satisfaction of certain closing conditions, a statement by Cognizant said.
The week saw some interesting local and global developments in technology, including results of Tech Mahindra and Cognizant, and interesting acquisitions by IBM and TCS
"The decrease in net income was primarily due to higher net non-operating foreign exchange losses in 2018 driven by the depreciation of the Indian rupee versus the prior year period," it added.
The Teaneck, New Jersey-based technology services firm said it expects December quarter revenue in the range of $4.09 billion to $4.13 billion
Prior to this, Patsalos-Fox was a senior partner at global management consulting firm McKinsey & Company, where he worked for 32 years.
Kansas-based ATG helps companies effectively plan, implement, and optimize automated cloud-based quote-to-cash (Q2C) business processes and technologies.