On Monday, the Financial Times revealed that PwC layoffs approximately 1,500 employees in the U.S., making up about 2% of its workforce of 75,000. This decision comes in response to ongoing challenges related to historically low employee turnover.
The layoffs will mainly affect the audit and tax departments, following a thorough internal review and a previous attempt to shift employees from slower growth sectors to those with higher demand. Some employees received notifications through urgent Microsoft Teams meeting invites on Monday and Tuesday.
Additionally, the firm intends to reduce campus recruitment while still honoring offers made to last year’s interns. This is the second wave of job reductions under U.S. senior partner Paul Griggs, who had previously managed a restructuring in the products and technology division last year, resulting in 1,800 job losses. Other major firms, such as Deloitte and KPMG, have also reduced their U.S. workforce in recent months.