PwC to cut 1,500 US jobs

PwC will reportedly axe around 1,500 roles in the US, around 2% of its 75,000-strong workforce in the country, amid “historically low” levels of attrition at the firm, according to the Financial Times. The outlet revealed the lay-offs are mainly concentrated in its audit and tax businesses.

The job cuts are said to follow a months-long internal review, and comes after PwC previously moved hundreds of US staff from unneeded posts to higher-growth units, a source told the FT.

Affected staff are reportedly set to be informed on Monday and Tuesday (6-7th May) this week, sources added, with hundreds alerted by a Microsoft Teams meeting invite marked “time sensitive”.

A PwC spokesperson told the Financial Times: “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.”

Amid lower staff turnover, the firm is also cutting back on campus hiring, but will uphold offers already made to last year’s interns who are scheduled to join later this year, the FT also reported. 

The new round of lay-offs is the second ordered by US senior partner Paul Griggs since he became senior partner at PwC US last year.

In September, he restructured PwC’s products and technology group with the loss of around 1,800 jobs, and some of additional lay-offs conducted this week reportedly included more staff from that division.

PwC has been contacted for further comment.