Tech consultancy giant Accenture plans to cut 19,000 jobs, or 2.5% of its workforce, and has lowered its annual revenue and profit forecasts, becoming the latest behemoth to trim expenses in the wake of dwindling global economic conditions.

The reduction in jobs, over half of which affects individuals in non-billable corporate functions, will be undertaken in the next 18 months, Accenture said in an SEC filing (PDF) Thursday. The company had increased its workforce by 38,000 in the financial year ended February 2023 to serve the increased demand in its services and solutions, it said.

“For the second quarter of fiscal 2023, attrition, excluding involuntary terminations, was 12%, down from 18% in the second quarter of fiscal 2022. We evaluate voluntary attrition, adjust levels of new hiring and use involuntary terminations as a means to keep our supply of skills and resources in balance with changes in client demand,” Accenture wrote.

The company said it now expects annual revenue growth for the fiscal 2023 to be between 8% to 10%, down from 8% to 11%.

“Our results of operations are affected by economic conditions, including macroeconomic conditions, the overall inflationary environment and levels of business confidence. There continues to be significant economic and geopolitical uncertainty in many markets around the world, which has impacted and may continue to impact our business, particularly with regard to wage inflation and volatility in foreign currency exchange rates. In some cases, these conditions have slowed the pace and level of client spending,” the Dublin-headquartered firm added.