logo
TCS to cut more than 12,000 jobs amid AI-led disruptions

TCS to cut more than 12,000 jobs amid AI-led disruptions

Yahoo12 hours ago
Indian IT services company Tata Consultancy Services (TCS) has announced its intention to reduce its workforce by 2% in response to AI-driven disruptions and macroeconomic uncertainties.
This decision will lead to approximately 12,200 job cuts, Reuters reported, citing a company statement. The reductions will primarily affect middle and senior management employees.
'This transition is being planned with due care to ensure there is no impact on service delivery to our clients," TCS said.
As of June 2025, TCS had more than 610,000 employees.
The announcement came as the Indian IT sector, valued at $283bn, is experiencing similar challenges. Clients are reportedly delaying non-essential technology spending due to weak demand, persistent inflation, and uncertainties surrounding US trade policies.
Earlier in July 2025, TCS chief executive K Krithivasan also noted that client decision-making and project initiations are facing delays.
The restructuring effort is aimed at transforming the company into a future-ready organisation.
'This includes strategic initiatives on multiple fronts, and while these changes are necessary for our growth and evolution, we understand the impact on our colleagues. We thank them for their service and are committed to supporting them through this transition,' The Times of India quoted Krithivasan as saying in an email to employees.
The company is currently focusing on deploying AI and other technologies while exploring new markets and managing an unpredictable demand landscape.
In June 2025, TCS announced the establishment of three new facilities in Europe to bolster its presence in the software-defined vehicles sector. This includes two automotive delivery centres in Germany, located in Munich and Villingen-Schwenningen, and an engineering facility in Romania.
"TCS to cut more than 12,000 jobs amid AI-led disruptions" was originally created and published by Verdict, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Microsoft Challenges Google's AI Search With 'Copilot Mode' for Edge
Microsoft Challenges Google's AI Search With 'Copilot Mode' for Edge

Yahoo

time6 minutes ago

  • Yahoo

Microsoft Challenges Google's AI Search With 'Copilot Mode' for Edge

Key Takeaways Microsoft on Monday unveiled "Copilot Mode," an AI-powered tool for its Microsoft Edge browser. Copilot Mode, currently available for free, can view a user's open tabs and execute tasks on their behalf. Copilot Mode launches on the heels of Google's AI Mode for Chrome, which debuted earlier this year. Microsoft is due to report quarterly earnings after the closing bell (MSFT) rolled out an AI assistant for its Edge browser Monday, as the tech giant works to compete with Alphabet's (GOOGL) Google and others offering AI search tools. Microsoft's "Copilot Mode" displays a 'clean, streamlined page with a single input box that brings together chat, search and web navigation,' Microsoft said in a blog post. Users can type commands into the input box, or use voice commands directly to prompt tasks like comparing travel listings pulled up across multiple tabs. Copilot Mode is currently available for free, but only for a limited time, the blog post said. Microsoft said users will eventually be able to give Copilot Mode access to their browser history and credentials in order to complete more complex tasks. For example, a demonstration video showed a user prompting Copilot Mode to find a paddleboard rental place near their workplace—the AI assistant pulled one up, identified a day with good weather, and offered to make a booking. AI integration has become a key area of focus for America's search giants as the use of generative AI chatbots like OpenAI's ChatGPT becomes more widespread, threatening traditional search traffic. In May, Google launched AI Mode, which lets users ask questions in conversation with Gemini. AI Mode has already reached 100 million monthly active users in the U.S. and India, CEO Sundar Pichai said on Alphabet's earnings call last week. Analysts will get a chance to ask Microsoft CEO Satya Nadella about Copilot Mode when the company reports earnings after the closing bell Wednesday. Shares of Microsoft were little changed Monday, but have surged more than 20% in 2025. Read the original article on Investopedia

loanDepot Founder and Chairman of the Board Anthony Hsieh Named Permanent CEO
loanDepot Founder and Chairman of the Board Anthony Hsieh Named Permanent CEO

Business Wire

time7 minutes ago

  • Business Wire

loanDepot Founder and Chairman of the Board Anthony Hsieh Named Permanent CEO

IRVINE, Calif.--(BUSINESS WIRE)--loanDepot, Inc. (NYSE: LDI) (together with its subsidiaries, "loanDepot" or the "Company") today announced that Company Founder and Chairman of the Board Anthony Hsieh has been appointed permanent Chief Executive Officer by its Board of Directors, effective immediately. Hsieh has served as Interim CEO since the departure of Frank Martell on June 4, 2025. 'We are fortunate Anthony has agreed to return to the role of CEO.' 'We are fortunate Anthony has agreed to return to the role of CEO,' said loanDepot Board Member and Chair of the Nominating and Governance Committee Pam Patenaude. 'The rapid acceleration of AI and its disruption of established operating models make this a unique moment in time for the Company. The industry has entered a period of significant change, and with his founder's mentality, history of disruption and commitment to innovation, no one is better suited than Anthony to lead loanDepot through this transformation.' Hsieh is a respected industry veteran and lifelong entrepreneur who has spent his entire career in the mortgage business. He founded loanDepot in 2010 as a de novo startup and grew the business by an average of 38% year over year for the first decade to become the second largest retail lender in the nation, surpassing many iconic mortgage brands along the way. During that time, the Company differentiated itself with a laser focus on innovation, efficiency, and customer delight. In 2017, Hsieh introduced the Company's proprietary point of sale software, mello®, which was celebrated as a best-in-class platform at the time and remains the platform of choice for originators today. Along the way Hsieh was recognized with various industry awards, including LendIt Fintech's 'Executive of the Year' in 2018. Said Hsieh, 'loanDepot has a unique set of assets—our brand and marketing muscle, our diversified channel strategy, our servicing portfolio and our exceptional customer experience among them—but our most significant differentiator has always been our ability to disrupt and redefine the industry through our innovative use of technology. Today, we return to those roots. The broad adoption of AI represents a paradigm shift, and we must be ready to capitalize on that opportunity.' He continued, 'I am thrilled to return to the helm of the Company that I, along with many members of Team loanDepot, built from the ground up. There's a unique energy that comes from being a founder, and I believe the passion and drive of that 'founder's mindset' will be an advantage as we recommit to innovation and rekindle the competitive spirit that has always made loanDepot special. Above all, my focus is to drive profitable growth and regain the market share that we built in the first 12 years of our Company. We will return to competing at the highest levels.' As part of his charter for the next 90 days, Hsieh plans to add several top-tier executives to his leadership team, expanding a best-in-class constellation of mortgage leadership talent. The team will be aligned to Hsieh's innovation agenda and will be laser focused on improving Company performance in the near term while setting the stage for long-term growth and a return to industry leadership. Forward Looking Statements This press release may contain "forward-looking statements," which reflect loanDepot's current views with respect to, among other things, our business strategies and strategic focuses, profitable growth, market share, adoption of artificial intelligence, adding top-tier executive talent, our ability to compete, and our commitment to innovation. These forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and may contain the words 'outlook,' 'potential,' 'believe,' 'anticipate,' 'expect,' 'intend,' 'plan,' 'predict,' 'estimate,' 'project,' 'will be,' 'will continue,' 'will likely result,' or other similar words and phrases or future or conditional verbs such as 'will,' 'may,' 'might,' 'should,' 'would,' or 'could' and the negatives of those terms. These forward-looking statements are based on current available operating, financial, economic and other information, and are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict, including but not limited to, the following: our ability to achieve the expected benefits of our strategic plans and priorities and the success of other business initiatives; our ability to achieve profitability; our loan production volume; our ability to maintain an operating platform and management system sufficient to conduct our business; our ability to maintain warehouse lines of credit and other sources of capital and liquidity; our ability to effectively utilize artificial intelligence; impacts of cybersecurity incidents, cyberattacks, information or security breaches and technology disruptions or failures, of ours or of our third party vendors; the outcome of legal proceedings to which we are a party; our ability to reach a definitive settlement agreement related to the Cybersecurity Incident; adverse changes in macroeconomic and U.S residential real estate and mortgage market conditions, including changes in interest rates and changes in global trade policy and tariffs; changing federal, state and local laws, as well as changing regulatory enforcement policies and priorities; and other risks detailed in the "Risk Factors" section of loanDepot, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2024, and Quarterly Reports on Form 10-Q as well as any subsequent filings with the Securities and Exchange Commission. Therefore, current plans, anticipated actions, and financial results, as well as the anticipated development of the industry, may differ materially from what is expressed or forecasted in any forward-looking statement. loanDepot does not undertake any obligation to publicly update or revise any forward-looking statement to reflect future events or circumstances, except as required by applicable law. About loanDepot: Since its launch in 2010, loanDepot (NYSE: LDI) has revolutionized the mortgage industry with digital innovations that make transacting easier, faster and less stressful for customers and originators alike. The company, which is licensed in all 50 states, helps its customers achieve the American dream of homeownership through a broad suite of lending and real estate services that simplify one of life's most complex transactions. loanDepot is also committed to serving the communities in which its team lives and works through a variety of local and national philanthropic efforts. LDI-IR

Chipotle Says Candidates Love Its AI Hiring Tool 'Ava Cado'
Chipotle Says Candidates Love Its AI Hiring Tool 'Ava Cado'

Entrepreneur

time7 minutes ago

  • Entrepreneur

Chipotle Says Candidates Love Its AI Hiring Tool 'Ava Cado'

Candidates can now go from application-to-hire in three and a half days. It used to take 12. Last fall, Chipotle announced that it was using an AI tool named "Ava Cado" to speed up its hiring process. And so far, it is working out well for the burrito maker. Chipotle Chief Human Resources Officer Ilene Eskenazi told CNBC Monday that since implementing the technology, the number of applicants the company has received has increased "dramatically." Eskenazi said that the company has seen an 85% application completion rate, much higher than average, because the tool helps candidates fill in fields, which cuts down the time it takes to complete. Related: Chipotle's New Robots That Can Crank Out Nearly 200 Burrito Bowls an Hour "[It] has greatly increased our funnel so that we're serving up many more candidates for our managers to evaluate," Eskenazi said. "Ava Cado" interacts with job candidates, answers questions, collects information, and schedules interviews with (human) hiring managers. It also speaks multiple languages: English, Spanish, French, and German. In October, Chipotle CEO Scott Boatwright said the tool reduced hiring times by up to 75%. This week, Eskenazi gave an example and said that it used to take 12 days to get a candidate from application to hire-ready. Thanks to Ava Cado, it now takes three and a half days — and they show up much more prepared. "They're much more informed about what the job really is, and so then we know that the applicants are that much more interested in the job by the time they're meeting a hiring manager in person," Eskenazi said. "I personally have been pleasantly surprised by how much candidates have enjoyed interacting with Ava." It hasn't helped with sales, though. Last week, Chipotle reported that traffic had declined for the second quarter in a row.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store