MASSIVE LAYOFFS! PINK SLIPS TO 1,800 EMPLOYEES IN THIS FIRM – 1ST MAJOR JOB CUTS IN 15 YEARS

PricewaterhouseCoopers Layoffs, PWC Layoffs: In the recent economic downturn, several companies have been forced to implement layoffs to cut costs to stay afloat. In its latest major layoffs in the last 15 years, PricewaterhouseCoopers (PwC) has announced that pink slips have been handed over to approximately 1,800 employees.

The latest layoffs by the audit major come as a part of restructuring in the company, resulting in the job cuts of staff in the United States, as per a report of Economic Times.

PricewaterhouseCoopers (PwC) Layoffs: Which department will be affected?

This is the first major workforce reduction by PwC since 2009, affecting around 2.5 per cent of its employees in the US. Due to the job cuts, roles ranging from associates to managing directors in business services, audit, and tax have been impacted, ET reported quoting WSJ.

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The layoffs are reportedly primarily concentrated in the advisory and technology sectors. Offshore-based employees are a significant portion of the affected staff.

Communicating these changes in a memo, PwC's US leader, Paul Griggs, as WSJ quoted, said, “We are positioning our firm for the future, creating capacity to invest, and anticipating and reacting to the market opportunities of today and tomorrow.”

Changes brought after Paul Griggs took charge in May

Apart from the layoffs, products and technology teams of the audit firm will be reportedly integrated into various business lines. As per the report, these changes were brought as part of a larger restructuring efforts initiated by Griggs, who took over as leader in US unit in May. The firm is aiming to remain competitive amidst a slowdown in parts of its advisory services.

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“To remain competitive and position our business for the future, we are continuing to transform areas of our firm and are aligning our workforce to better support our strategy,” PwC’s US Chief Operating Officer, Tim Grady said, ET reported quoting WSJ.

PWC China Case

The job cuts came as PwC’s China unit is facing challenges after it lost property developer Country Garden Holdings, one of its significant clients. PwC has been in focus over its role in auditing China Evergrande Group, which is accused of a $78 billion fraud. This has forced the company to take cost-cutting measures, including layoffs after over 50 Chinese clients, including Bank of China, severed ties with the firm, citing failures in meeting audit deadlines.

2024-09-12T13:22:39Z dg43tfdfdgfd