PwC has withdrawn job offers from 78 of the 180 graduates due to join its trainee scheme, offering £7,000 in compensation. This follows news that Accenture told 400 UK graduates due to start with the company next month that there are no jobs for them. The new "employees" will be paid their £6,000 "signing-on" bonus and receive half pay until the new year. All health cover and life insurance commitments will also be honoured.
One graduate told Management Consultancy: "We've been left in an incredibly difficult position as we're now having to go back to companies that we originally turned down in favour of Accenture. It's too late to apply for many of them." Accenture has also announced the loss of 1,500 jobs in the US.
The UK IT market meanwhile is finally feeling the pinch. Jitters are not restricted to the consultancy industry, however. According to a new survey by NewMonday and NOP, 40% of IT and telecoms staff are worried about losing their jobs. Recent job loss announcements from Toshiba, Fujitsu and Hitachi will have done little to steady the nerves of those working in the IT industry.
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