Cognizant eyeing layoffs, earmarks $270mn for employee severance

Cognizant has kicked off a major overhaul inside the company. The IT services giant says it will spend between $230 million and $320 million as part of a restructuring plan called “Project Leap,” with a large chunk of that money going towards employee-related costs.

The announcement came along with the company’s first-quarter results on April 29. The company has not termed this as layoffs, but a severance-heavy budget clearly signals workforce changes as part of the reset.