PwC plans to cut around 600 UK jobs

Nov 7, 2023

Synopsis
PricewaterhouseCoopers (PwC), one of the renowned "Big Four" accounting firms, has revealed its intention to reduce its workforce by approximately 600 jobs in the United Kingdom, as reported by a source on Tuesday.

"Big Four" accounting company PricewaterhouseCoopers (PwC) plans to cut around 600 jobs in the UK, a person familiar with the matter said on Tuesday.

"In light of lower than normal attrition rates and subdued growth in parts of the business, we are making targeted voluntary severance offers to some of our people," PwC said in an emailed statement to Reuters, without disclosing the number of employees that would be affected by the move.

According to a Financial Times report on Monday, the first on the development, PwC would launch a voluntary redundancy programme but cut jobs on a compulsory basis if not enough people opt to leave.

The job cuts will be directed mainly at PwC's advisory business and a small number in the tax department, the report said, citing people familiar with the matter. The audit division would not be hit, it added.

Last month, Reuters reported that KPMG, another one of the 'Big Four' accounting firms apart from Deloitte and EY, was planning to cut about 100 jobs in its deal advisory business in the UK. Deloitte is also planning to cut more than 800 jobs in the UK.

A number of businesses have reduced their workforce in recent times anticipating a likely economic slowdown later in the year.

[Reuters]