Shares of French computer services and consulting group Cap Gemini Ernst & Young fell nearly 6 per cent today after the company unveiled 1,900 more job cuts and said that chief executive Mr Geoff Unwin was retiring.
Battling an industry downturn, Cap Gemini said it was expanding a restructuring plan that started earlier this year. The latest job cuts bring to 5,400 the total number of jobs trimmed this year. The group has 60,000 employees worldwide.
Cap Gemini also lowered its 2001 revenue forecast to €8.4 billion ($7.5 billion) from €9 billion ($8 billion), citing the global economic downturn and lower spending in some sectors where it has clients, notably the telecommunications industry.
The company said it expects revenue to fall in the first half of 2002 but grow in the second half of the year.