PwC Lays Off 1,800 Employees in First Major Job Cuts Since 2009
In its first significant round of layoffs since 2009, PricewaterhouseCoopers (PwC) has announced that it will cut approximately 1,800 employees in the United States. The layoffs will affect a range of roles, from associates to managing directors, across business services, audit, and tax departments. The job cuts represent about 2.5% of PwC’s US workforce.
In its first significant round of layoffs since 2009, PricewaterhouseCoopers (PwC) has announced that it will cut approximately 1,800 employees in the United States. The layoffs will affect a range of roles, from associates to managing directors, across business services, audit, and tax departments. The job cuts represent about 2.5% of PwC’s US workforce.
The restructuring is primarily focused on PwC’s US advisory, products, and technology operations, with around half of the affected employees based offshore. This move comes as PwC faces declining demand in certain advisory services, prompting the firm to realign its workforce.
Paul Griggs, who took over as PwC’s US leader in May, announced the layoffs in a staff memo obtained by The Wall Street Journal. In the memo, Griggs explained that the layoffs were part of a broader strategy to position the firm for future growth and to invest in new market opportunities. “We are positioning our firm for the future, creating capacity to invest, and anticipating and reacting to the market opportunities of today and tomorrow,” Griggs wrote.
The firm is undergoing a structural overhaul, particularly in its technology group, where products and technology teams will now be more integrated into individual business lines. Tim Grady, PwC’s US chief operating officer (COO), emphasized the need for transformation, stating that to remain competitive, the company is aligning its workforce with its long-term strategy.
The timing of the announcement on September 11 coincided with a reflective moment for PwC, as the firm marked the anniversary of losing five colleagues in the 2001 attacks.
PwC’s layoff decision is notable because the company had avoided such cuts in the US since 2009, even as its competitors—Ernst & Young (EY), KPMG, and Deloitte—implemented reductions in their workforces during the same period.
Beyond the US, PwC’s China operations are facing challenges after losing key clients, including real estate giant Country Garden Holdings. The company failed to meet the deadline for publishing its 2023 audited financial statements, leading Country Garden to drop PwC as its auditor. This crisis follows PwC China’s involvement in auditing China Evergrande Group, which is under investigation for an alleged $78 billion fraud.
According to Reuters, PwC China has initiated cost-cutting measures and layoffs. Over 50 Chinese companies, including Bank of China, have also severed ties with PwC or scrapped plans to rehire the firm, exacerbating the challenges for PwC’s operations in China.
Sources By Agencies
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