Capgemini (EU:CAP) is preparing to reduce its workforce in France by as many as 2,400 roles through a voluntary departure programme, as the IT services group adjusts its operations to reflect the growing impact of artificial intelligence and softer demand in certain activities.
The planned cuts would account for roughly 7% of Capgemini’s employees in France. Affected staff will either exit the company or be redeployed and retrained into faster-growing areas such as data analytics, cloud services and AI-related technologies. The move mirrors similar initiatives announced by peers, including Accenture, which previously outlined job reductions affecting around 12,000 positions.
Capgemini has not disclosed the precise cost of the restructuring, but analysts estimate it is likely to exceed €100m. The bulk of the cost savings are expected to emerge from late 2026 and into 2027. The programme is aimed at lifting profitability in France, where margins have been trailing those of other regions within the group and are thought to be below 10% in 2025.
Management is seen as positioning the French business to reach operating margins of around 11–12% by 2027, supported by better utilisation rates. This would allow further margin expansion following an anticipated improvement in 2026, partly driven by the full-year consolidation of WNS.
The restructuring is expected to have a modest negative effect on Capgemini’s free cash flow in 2026. Analysts now forecast free cash flow slightly above €2bn for that year, reflecting the likelihood that total restructuring costs will be higher than those incurred in 2025.
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