Leading consulting giants Accenture Plc (NYSE:ACN), Deloitte, and Booz Allen Hamilton Holding Corp. (NYSE:BAH) are facing significant contract reductions as the U.S. Department of Defense (DoD) announced a sweeping $5.1 billion cut in IT services and other contracts deemed “wasteful spending.”
What Happened: Defense Secretary Pete Hegseth issued these cuts on late Thursday as part of a broader effort to streamline the department’s budget and redirect funds toward warfighting capabilities and improved healthcare for service members and their families.
“We need this money to spend on better health care for our warfighters and their families, instead of $500 an hour business process consultant,” Hegseth said. “That’s a lot of consulting.”
According to the memorandum, Secretary Hegseth detailed the specific areas targeted for cuts, emphasizing a shift away from reliance on external consultants for services that can be performed by the DoD’s workforce.
“That’s with a ‘B’; $5.1 billion in DOD contracts for ancillary things like consulting and other nonessential services,” Hegseth said while recording a video of the announcement from his office.
He specifically highlighted …Full story available on Benzinga.com
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