Accenture lays off senior execs

Accenture said Thursday that it will thin its ranks of senior executives.

The company, which announced the layoffs in a statement, said it will cut its senior executive ranks by 7 percent. Accenture will take a charge of $128 million to cover severance and other layoff costs.

In another cost cutting move, Accenture said that it is cutting its office space to save on real estate. That move will result in a charge of $119 million.

Accenture CEO William Green said the senior executive layoffs will ensure the company "has the right people, skills and capabilities, at the right levels and in the right places."

The cost cuts are expected to be complete in the fiscal first quarter. Accenture also stuck with its fourth quarter revenue target of $5 billion to $5.2 billion.