PwC US set to cut 1,500 roles
Big Four firm PwC is set to cut around two per cent of its roles in the US after a lengthy business review at the consultancy giant.
The Financial Times has reported that around 1,500 roles out of the firm’s 75,000 workforce in the US will be laid off, mainly in its audit and tax businesses.
There was a virtual meeting invite last week that notified the people affected by the layoffs.
A statement by PwC said, “This was a difficult decision, and we made it with care, thoughtfulness, and a deep awareness of its impact on our people, appreciating that historically low levels of attrition over consecutive years have made it necessary to take this step.”
Earlier this year, PwC in the UK made record cuts to its partnership ranks while pausing its tech apprenticeship scheme to protect partner profits in the face of a sharp decline in the consultancy sector.
Over the last couple of years, PwC, EY, KPMG, and Deloitte have made thousands of roles redundant following a slump in the sector.
City PM reported in December that 900 roles were made redundant at the UK Big Four firms over 2024, following around 1,800 jobs over 2023.
Firms in the sector are contending with a profitability problem.
In September, PwC UK reported single-digit revenue growth, but this came against the backdrop of the group’s profit and partner pay dropping again.