PwC Announces 1,800 Job Cuts Amid Restructuring Efforts, First Major Layoff Since 2009
PricewaterhouseCoopers (PwC) is set to cut around 1,800 jobs in the US, affecting about 2.5% of its workforce. This marks the company’s first significant layoff since 2009, and it will impact roles across business services, audit, and tax departments. The move is part of a broader restructuring aimed at addressing a slowdown in demand for some of PwC’s advisory services.
The layoffs will primarily affect advisory, products, and technology operations, with half of the impacted employees based outside the US. PwC’s US leader, Paul Griggs, explained that the firm is positioning itself for the future by creating capacity for investment and responding to market opportunities.
The announcement comes as PwC seeks to remain competitive amidst changing market dynamics, especially as it integrates its products and technology teams with other business lines. Tim Grady, the company’s US chief operating officer, noted that the firm is aligning its workforce to better support its evolving strategy.
This restructuring also coincides with challenges in PwC’s China office, where the firm recently lost a major client, Country Garden Holdings, amid scrutiny over its auditing of China Evergrande Group. PwC has faced layoffs and cost-cutting in China as several firms, including Bank of China, have severed ties with the auditor due to missed deadlines and other issues.
