India, May 1 -- Cognizant Technology Solutions has announced plans to reduce its workforce by around 4,000 roles, or 1% of its global headcount, under a restructuring programme called Project Leap. The initiative is designed to accelerate adoption of artificial intelligence (AI), expand digital capabilities, and upskill employees, while streamlining operations to respond to weaker client demand.

The company expects restructuring costs of USD 230-320 million, including USD 200-270 million in severance and personnel expenses, but anticipates savings of up to USD 300 million this year.

The job cuts come at a time when demand in banking and technology has softened. Clients are reducing discretionary spending, delaying projects, and focusing...