Analytics and digital solutions company ExlServices Holdings is slashing 800 jobs, or about two percent of its workforce, as customer demand shifts to generative artificial intelligence, said a report from The Wall Street Journal.
As a result of the shift in strategy, the New York-based company has let go 400 employees, with another 400 given the option of being rehired somewhere else, the report said.
The company employs around 55,000 employees globally, with pink slips being handed over to the data analytics and digital operations team.
Moneycontrol could not independently verify the report.
The latest development comes at a time when the technology industry is laying off scores of employees around the world owing to the introduction of newer technology, resulting in redundancy of certain job roles.
The Nasdaq-listed company has hired over 22,000 people since the end of 2020, a person familiar with the matter told The Wall Street Journal. Adding that deal flows have dried up too, apart from increasing costs due to higher headcount.
ExlServices is facing a tough macroeconomic environment, as with most tech companies, and a delay in discretionary spending.
Also read: Tech employees face brutal start to 2024 as layoffs continue
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