Workforce Shift Affects Audit and Tax Departments
PwC is cutting 1,500 jobs across its US operations, affecting about 2% of its workforce. Most of the reductions target the audit and tax divisions, according to insiders.
After months of reviewing internal operations, the firm concluded that strong employee retention had created an imbalance in staffing. A spokesperson emphasized that the decision was made with care and concern for those affected.
“This was not easy, but it was necessary given the unusually low turnover in recent years,” the spokesperson said. 
Reduced Hiring and Staff Impact
Notifications began going out earlier this week, catching many employees off guard. Some affected staff had only recently joined the firm. One employee said they had anticipated a promotion, not a dismissal.
In light of this development, PwC will reduce its campus hiring for the near term. However, it will still honor job offers made to previous interns who are scheduled to join this year.
Restructuring Under New Leadership
This is the second major workforce change under US senior partner Paul Griggs. Last year, PwC eliminated 1,800 jobs in its products and technology group. Some additional cuts this week came from that same division.
Industry-Wide Trends
The accounting sector is under pressure as demand for advisory services declines. Other Big Four firms are also adjusting. Deloitte recently announced staff reductions, and KPMG laid off 330 employees in its audit unit.
These moves reflect broader shifts in the post-pandemic economy, including reduced consulting demand and limited growth in mergers and acquisitions.
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