Professional services company Accenture detailed plans to axe 19,000 jobs over the next 18 months to reduce costs and streamline operations in the face of slowed IT spending.

Accenture currently employs 738,000 people meaning the plan impacts around 2.5 per cent of its staff.

On an earnings call, CFO KC McClure explained more than half of the cuts will come from non-billable corporate functions.

The company expects to incur $1.2 billion in severance costs and $300 million for consolidation of office space from now until the close of its next fiscal year in August 2024.

In a filing to the US Securities and Exchange Commission Accenture stated it will hire staff where necessary to advance “strategic” plans.

Amazon detailed further job cuts earlier this week, while Meta Platforms last week outlined plans for another round of mass lay offs.