Thread by @moneycontrolcom

#MCExplains | 🚨TCS just announced they're going to fire 12,000 employees by March 2026.

CEO calls it becoming "future-ready" Apparently the future, while it may need a lot of AI, may not need so much human intelligence.

🧵Follow this thread for more details⤵️

#TCS #IT #AI

TCS may well set a precedent.

There have been reports of startups cutting jobs. 🤯Other IT services firms may be updating their "workforce optimization" plans as we speak

#TCS #IT #Startups

Translation guide for corporate speak:🚨

"Future-ready" = The present is too expensive
"Skill realignment" = You're old news
"Technological transformation" = ChatGPT can do your job
"Strategic restructuring" = Good Bye

#Technology #Skills #Companies

It's not going to be only IT firms. 🤯

What about the impact of AI on other sectors? AI is certain to impact BPOs. And let's not even go into the nightmare scenario of the increasing use of robots?🤔

#IT #Firms #AI #BPOs

Let's just stick to IT for the moment. 🚨

The IT services boom has been the backbone of India's consumption story. The consumption sector may be about to discover what happens when your biggest spenders get "future-ready" out of their paychecks. Especially when the big trend in recent times has been 'premiumisation'.

#IT #India

Bangalore real estate could feel the pinch. Banks and NBFCs could see their 'premium customers' not only stop taking loans but have problems repaying loans.

The auto sector could be affected. Credit Cards may suddenly rediscover risks. Travel and tourism could be affected.🚨

#Bangalore #Travel #RealEstate

IT salaries gone= Restaurants empty
No bonuses= Cars unsold

But some companies may benefit🚨

Reskilling needed= EdTech companies happy?🤔

#IT #Technology #Companies

Maybe hiring thousands during COVID anticipating "digital transformation" wasn't sustainable? 🤔

But sure, let's blame it all on AI. It's not like companies love cost-cutting during uncertain times.

🚨The big question: is this a blip or a trend?

#AI #Companies #Startups

Sure, the government could boost infrastructure spending. Sure, we'll get monetary stimulus. But who will borrow when their paychecks are at risk?🤔

🚨The silver lining: India's IT services companies have found ways out of such tight situations in the past.

Question is: will the solutions involve hiring less people?🤯

#IT #Companies

🚨The real irony?

We built AI to make our lives better, and now it's making our lives... more interesting. 🤖

Reminds you of Frankenstein. Buckle up, the "great reset" is coming. 🤯

#AI #Technology #Startups

Had to take 'difficult call' to build stronger TCS, says CEO K Krithivasan after cutting 12,000 jobs

Full interview by @chandrarsrikant & @debanganaghosh4 & @shaw_reshab ⤵️
moneycontrol.com/news/business/…

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