Indian IT Firms Cut Staff Bonuses as US, European Clients Tighten Budgets | In the News
India’s top IT services firms are freezing or cutting staff bonuses, worried that tightening budgets at US and European clients who are bracing for a recession will sharply hit their own profits after a pandemic-led boom.
“There’s growing conviction in businesses that we need to prepare for a (global) recession,” said Peter Bendor-Samuel, CEO of Everest Group. “The first thing they do is try to eliminate discretionary spending. It is early, but starting to happen.”