PwC US cuts 1,500 jobs

Big Four accountancy PwC is laying off approximately 1,500 people in the US, according to a Financial Times report.

The job cuts represent 2% of PwC US’s 75,000-person workforce and are concentrated primarily within the audit and tax business lines.

PwC said the layoffs were driven by historically low levels of attrition over consecutive years.

The job cuts come after a months-long examination and a prior initiative to transfer hundreds of staff from unneeded roles to higher-growth units, a person familiar with the matter told the Financial Times.

The laid off employees include many recent hires. PwC is also reducing campus hiring because of the low attrition rates, although it is standing by job offers already made to last year’s interns, the person said.

The layoffs follow a September restructuring of PwC’s products and technology group, which cut 1,800 jobs.

Low staff turnover has added to financial pressures faced by the Big Four accounting and consulting firms. The advisory arms of the Big Four have seen slowing demand after a pandemic-fueled boom in technology and transaction services. Meanwhile, many federal contracts are under threat as the Trump administration looks to rein in spending on consultants.

Deloitte last month announced layoffs in its advisory business, including in the government contracting unit.