Web consultancy Sapient has slashed 545 staff, or about 29 per cent of its workforce, chiefly in the US. The layoffs, 415 of which will affect consulting staff, will cut quarterly costs from $80m to $60m.
Sapient said it would take a $50m to $55m restructuring charge in the first quarter and could produce a slightly wider than expected loss for the period.
The job cuts primarily affect US operations, although some staff are expected to go from the London office. No offices will close, the firm said.
Jerry Greenberg, Sapient's co-chairman and co-chief executive, said: "In this economic environment it is imperative that we take these actions to align our costs more closely with the near-term outlook for our industry."
Sapient was one of the stronger companies in the web consultancy industry, but has suffered a drop in business.
The last 18 months have proved bad for web consultancies generally, which were the first to suffer from technology spending cuts.
Much of today's AI is narrowly focused on specific tasks - a far cry from the general AI envisioned by the early pioneers
US space agency believes the crater could have preserved ancient organic molecules from the water that flowed there billions of years ago
Valve quietly closes down hardware initiatives launched following Windows 8
Scientists create a virtual reality simulation of a black hole sitting at the centre of the Milky Way
Simulations like this can help people understand complicated systems in the universe in a better way