Job Cuts Hit Recently Hired and Promotion-Eligible Staff as PwC Adjusts to New Realities
TAXSPOC News Desk
Big Four accounting firm PwC is set to reduce its U.S. workforce by approximately 1,500 positions, marking a 2% cut across its 75,000-strong employee base. The layoffs primarily affect roles within the audit and tax divisions and are the result of an extensive internal review.
Employees were informed of the job cuts in early May, with many receiving urgent Microsoft Teams meeting invites. Among those impacted are recently hired employees, some of whom were in line for promotions before being let go.
In addition to the layoffs, PwC is scaling back campus recruitment, although it will honor offers extended to 2024 interns.
The job cuts at PwC come as the Big Four accounting firms navigate economic headwinds and a slowdown in demand for advisory services post-pandemic. Deloitte and KPMG have also made staffing adjustments in response to shifting market dynamics.
Deloitte trimmed personnel in advisory functions, citing changing client needs and continued low attrition, while KPMG implemented a 4% reduction in its audit workforce.
Sources/ recommended read:
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Auditing giant PwC to reportedly slash 1,500 jobs in US
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Big Four accounting firm PwC to slash about 1,500 jobs in the US | Reuters
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