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Time of India
06-06-2025
- Business
- Time of India
Tariffs have led to caution in the life sciences segment: Cognizant's Gummadi
Bengaluru: As clients look for cost optimisation, they aim to break silos and move towards consolidating their IT services partners. "They want a partner who can give end-to-end solutions," Surya Gummadi, President of the Americas business at Cognizant , said during the recent Bank of America Securities 2025 Global Technology Conference. With GenAI disrupting businesses, Gummadi felt pricing will evolve significantly in the next six months as clients move towards outcome-based said AI brought a great deal of uncertainty, adding to the macroeconomic pressures. That, he points out, is the difference between the previous cycles of the economic crisis. He, however, believes GenAI will create newer opportunities for Cognizant. Meanwhile, the tariff war triggered by US President Donald Trump impacted business sentiment in life sciences, product and manufacturing, as well as retail, he told Bank of America analysts. "There is some caution in the healthcare space. Tariffs have led to caution in the life sciences segment. Product and manufacturing clients are dealing with tariff uncertainty, and retail clients have also shown it in their guidance. All this is having a cascading effect on IT projects," Gummadi said. Despite the tough environment, Cognizant signed three mega deals by the end of the second quarter. Cognizant started to see an uptick in deal momentum, in general. Compared to 2023, when the firm signed 17 large deals, the New Jersey-headquartered IT services firm signed 29 large deals in 2024. In a choppy environment, CTS managed to get an extension of its contract with the healthcare client, which is a $1 billion deal. The full-year trailing 12-month booking for 2024 was $27.1 billion. Get the latest lifestyle updates on Times of India, along with Eid wishes , messages , and quotes !
Yahoo
04-06-2025
- Business
- Yahoo
Withum expands with PKF Texas merger
New Jersey-headquartered CPA firm Withum has expanded its practice with the addition of Pannell Kerr Forster of Texas (PKF Texas), a public accounting, tax, and business advisory firm based in Houston. This move will see PKF Texas' 20 partners and approximately 160 team members become part of Withum. The PKF Texas team will continue to operate from their existing office at 5847 San Felipe St., Suite 2600, in Houston. PKF Texas director and chairman of the Board Gary Voth said: "We are very excited to become part of the Withum team. Our promise has always been to build personal connections through forward-thinking expertise to help our clients reach their goals." "Our clients will now benefit from a larger platform of national and international resources, deeper technical expertise and specialised knowledge. Withum managing partner and CEO Pat Walsh added: "Uniting our firms enables us to grow a portfolio of energy and oilfield service businesses nationwide. A piece of our M&A strategy aims to build around existing capabilities to create a more holistic client service approach. Diversity in expertise, experience and culture strengthens our ability to serve our clients and attract talent. Having a presence in Space City opens up fantastic growth opportunities, and we're thrilled to be here." The merger enhances Withum's industry strengths by adding an 'established' energy and oilfield services practice. Other areas of expertise that will be bolstered through the merger include financial services, manufacturing, professional services, technology, and private client services, along with a suite of client accounting and advisory services. Withum, founded in 1974, operates on a local-to-global scale. It has 26 offices and generates an annual revenue of $578m. The latest move follows Withum's merger with CTM CPAs & Business Advisors, which saw the integration of four partners and approximately 50 team members. "Withum expands with PKF Texas merger" was originally created and published by International Accounting Bulletin, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
USA Today
10-05-2025
- Business
- USA Today
TD Bank closing nearly 40 branches on June 5: See list of shuttering locations
TD Bank closing nearly 40 branches on June 5: See list of shuttering locations Last year, TD Bank pleaded guilty to conspiracy and money laundering, agreed to pay $3 billion in penalties. Show Caption Hide Caption TD Bank pleaded guilty to conspiracy of money laundering The bank will accept limits on its growth and be monitored by federal regulators for at least 3 years for its role in money laundering. TD Bank is closing nearly 40 locations this summer after evaluating its existing stores. The Cherry Hill, New Jersey-headquartered national bank confirmed to USA TODAY that after a recent analysis, it "made the difficult decision to close 38 locations on June 5." A spokesperson for the bank said that as part of its normal business practices, it regularly evaluates existing TD Bank stores, which "may result in some closures, consolidations, or relocations." The evaluations allow the bank to better align its network of stores with "customer needs and preferences," he added. "We are committed to making this transition as smooth as possible for our impacted customers and colleagues and look forward to serving them at one of our over 1000+ TD Bank locations or through our digital banking products and services," the spokesperson said. Although the bank will be closing some locations, the spokesperson said it has recently opened three new stores – two in New York (Brighton Beach, Brooklyn, and Jerome Avenue, the Bronx), and one in Boston (Nubian Square). What TD Bank locations are closing? According to the Office of the Comptroller of the Currency data, the closing TD Bank locations include: TD Bank pleaded guilty to money laundering violations in 2024 Last year, TD Bank agreed to pay over $3 billion in penalties after becoming the largest bank in U.S. history to plead guilty to federal money laundering crimes. According to the government, TD Bank for years ignored red flags from high-risk customers and created a "convenient" environment for bad actors to exploit. "TD Bank chose profits over compliance in order to keep its costs down," U.S. Attorney General Merrick Garland said during a press conference at the time, noting TD was the largest bank to admit to violating the Bank Secrecy Act. New TD Bank CEO Ray Chun, at the time, said the financial institution would "make the necessary changes to put the bank on a stronger foundation." "This is TD's number-one priority, and my number one priority," Chun said during a conference call in October 2024. "Make no mistake, we will meet our commitments to our regulators ... we will get the job done."
Mint
02-05-2025
- Business
- Mint
Cognizant to hire 20,000 freshers in 2025 to support AI-led software services
US IT firm Cognizant, which has a huge employee base in India, has announced plans to hire 20,000 freshers in 2025 -- a move intended to reshape the company's talent pyramid, particularly to support managed services and AI-led software development. While the company's overall headcount remained nearly flat compared to previous quarter at 3,36,300, Cognizant's leadership highlighted the strategic importance of talent amplification as the firm accelerates its growth and innovation agenda. "As we stated at our Investor Day, we are hiring 20,000 freshers as part of our strategy, which is more than double what we did last year," Cognizant CEO Ravi Kumar S said. This year, Kumar noted that the company plans to hire many more fresh graduates to build a stronger workforce pyramid, especially since managed services projects have increased over the past two years. "But it also comes equally with a overhead of carrying higher bench at a lower cost and actually offshore," he said. He said the company is focusing on three areas -- hiring freshers, increasing productivity through AI, and improving utilisation to manage human capital costs effectively. Cognizant shared that 14,000 former employees have rejoined the firm, with 10,000 more in pipeline. "...with amplifying talent, we are strengthening our talent pipeline with skills needed for the AI era. As you heard us talk about during the Investor Day, we are upskilling our workforce at scale, leveraging AI to meet demand faster and identifying talent pools to address new areas unlocked by AI," Kumar said. The New Jersey-headquartered firm has reported 7.45 per cent year-on-year growth in revenue to USD 5.1 billion for the January-March quarter of 2025. First Published: 2 May 2025, 06:24 PM IST
Hindustan Times
01-05-2025
- Business
- Hindustan Times
Cognizant to hire 20,000 freshers in 2025 amid AI push
US IT firm Cognizant, which has a huge employee base in India, has announced plans to hire 20,000 freshers in 2025 -- a move intended to reshape the company's talent pyramid, particularly to support managed services and AI-led software development. While the company's overall headcount remained nearly flat compared to previous quarter at 3,36,300, Cognizant's leadership highlighted the strategic importance of talent amplification as the firm accelerates its growth and innovation agenda. "As we stated at our Investor Day, we are hiring 20,000 freshers as part of our strategy, which is more than double what we did last year," Cognizant CEO Ravi Kumar S said. This year, Kumar noted that the company plans to hire many more fresh graduates to build a stronger workforce pyramid, especially since managed services projects have increased over the past two years. "But it also comes equally with a overhead of carrying higher bench at a lower cost and actually offshore," he said. He said the company is focusing on three areas -- hiring freshers, increasing productivity through AI, and improving utilisation to manage human capital costs effectively. Cognizant shared that 14,000 former employees have rejoined the firm, with 10,000 more in pipeline. "...with amplifying talent, we are strengthening our talent pipeline with skills needed for the AI era. As you heard us talk about during the Investor Day, we are upskilling our workforce at scale, leveraging AI to meet demand faster and identifying talent pools to address new areas unlocked by AI," Kumar said. The New Jersey-headquartered firm has reported 7.45 per cent year-on-year growth in revenue to USD 5.1 billion for the January-March quarter of 2025.
