PwC to Cut 1,500 U.S. Jobs Amid Persistently Low Attrition
PwC layoffs will impact about 1,500 U.S. employees, as the Big Four firm responds to low attrition and shifting demand. This accounts for nearly 2% of its 75,000-strong workforce, according to a Financial Times report released Monday.
The Tax and Audit Divisions Are Hit
Since the company continues to struggle with weaker development in the audit and tax divisions, these divisions will be the main targets of the layoffs. After months of internal assessment, the decision was made because attempts to reallocate staff to areas with quicker growth did not provide satisfactory results.
Delivered Notifications with Microsoft Teams
Formal notifications apparently began on Monday and Tuesday when a number of impacted workers received time-sensitive Microsoft Teams invites.
Hiring Efforts Also Scaled Back
PwC also plans to reduce campus hiring in the coming months. However, the firm said it will honor offers made to last year’s interns, ensuring some job security for incoming talent.
Second Layoff Round Under Paul Griggs
This is the second round of job cuts since Paul Griggs became U.S. senior partner. Last year, a restructuring in the products and technology division led to 1,800 job losses. Griggs continues to make strategic changes to align the workforce with market demand.
Trend Among Big Four Firms
PwC is not alone. Other Big Four firms, such as Deloitte and KPMG, have also executed staff reductions across the U.S. as the industry adapts to economic uncertainty and tightened client budgets.
Source: Investing
