Weak business driving TCS, Infosys and Cognizant to cut travel costs by 50%

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Weak business driving TCS, Infosys and Cognizant to cut travel costs by 50% - Business Standard

Quick Summary:

In the meantime, the trend of layoffs in the technology sector continued through July 2024, with over 8,000 jobs lost across 34 tech companies.

A recent survey by American Express showed that one of the factors hindering a complete recovery of business travel is the increasing prevalence of virtual meetings and events.

The report cited a Wipro spokesperson saying the pandemic in 2020 had nearly stopped business travel, which resulted in the widespread adoption of virtual interactive tools that continue to be used even after the pandemic.