PricewaterhouseCoopers (PwC), one of the Big Four accounting firms, has announced plans to lay off approximately 1,500 employees in the United States.
The job cuts account for around 2% of the firm’s 75,000-strong U.S. workforce, according to a company spokesperson who spoke to Reuters.
“This was a difficult decision, and we made it with care, thoughtfulness, and a deep awareness of its impact on our people,” PwC stated.
The firm attributed the move to historically low levels of employee attrition over the past few years, which had created an imbalance in staffing levels.
Global Restructuring Moves
This is not the first time PwC has undertaken workforce or operational restructuring in recent months. In April, the firm shut down its operations in nine Sub-Saharan African countries as part of a global strategic review.
Additionally, in 2023, Reuters reported that PwC was contemplating the reduction of up to 50% of its financial services auditing staff in China. The move came amid a regulatory investigation and a wave of client departures that significantly affected its business prospects in the region.
Layoffs Across the Big Four
PwC’s decision follows a trend among other Big Four firms—Deloitte, EY, and KPMG—who have also reduced headcount amid changing market conditions.
For instance, KPMG announced in November 2023 that it would cut nearly 4% of its U.S. audit workforce, impacting around 330 employees.
Industry Outlook
The layoffs reflect broader challenges facing the professional services sector, including cost pressures, evolving client demands, and shifting global market dynamics.
PwC emphasized that while the decision was difficult, it was necessary to align the firm’s structure with future business needs.
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