IT giant shrinks UK operation

Europe’s
largest IT consultancy, Cap Gemini Ernst & Young, is planning to cut 700
jobs in the UK, 10 per cent of its workforce in this country.

The
Paris-based company said the cost-cutting move was a result of “a combination
of streamlining our structure to better respond to the current market
conditions and a harsher operating environment”.

Paul
Spence, Cap Gemini’s chief executive for the UK and Ireland, said: “The
decision, although regrettable, is absolutely necessary to significantly reduce
our costs and align ourselves with the marketplace.

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Cap
Gemini has shed 5,000 jobs worldwide since the peak of the telecommunications
and financial services boom.

By Quentin Reade