PwC to cut about 1,500 jobs in US
Accounting firm, PwC, is laying off about 1,500 employees in the United States, a company spokesperson told Reuters on Monday.
The workforce reduction equates to approximately two percent of our US firm, the spokesperson said.
PwC employs more than 75,000 people in the United States.
“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”, PwC said in a statement.
Last year, reports did the rounds that PwC was considering slashing up to half its financial services auditing staff in China, as a regulatory investigation and an exodus of clients darkened business prospects.
PwC last month shut operations in nine Sub-Saharan African countries following a strategic review.
It listed Ivory Coast, Gabon, Cameroon, Madagascar, Senegal, the Democratic Republic of Congo, Republic of Congo, Republic of Guinea, and Equatorial Guinea as countries affected.
In a statement published on its website, the accounting firm said the move was part of a strategic review.
The development came amid reports that it had exited a wider set of markets deemed high-risk or unprofitable.
The decision marks one of the most significant contractions by a major global accounting firm in the region in recent years.
PwC operates as a network of independent but affiliated partnerships, and said the move followed a review of its network structure and long-term strategy in certain markets.
The closures follow reports of internal tensions between PwC’s global leadership and local partners, particularly over the firm’s push to de-risk client portfolios.
A Financial Times report, citing people familiar with the matter, said that local partners in several African markets had seen revenues fall by more than one-third in recent years, after being asked to sever ties with clients deemed high risk.
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