Cognizant last week announced a voluntary separation programme for directors, associate VPs and senior VPs.
http://cio.economictimes.indiatimes.com/news/strategy-and-management/after-cognizant-wipro-infosys-and-capgemini-prepare-for-layoffs/58587412
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Some 1,000 executives are expected to go. The company, one of the top performers in the industry, is expected to eventually cut at least 6,000 jobs, or 2.3% of its total workforce.