PwC Layoffs in US: UK-Based Fintech Consulting Firm Lays Off 1,800 Employees Amid Restructuring, First Major Job Cuts Since 2009

New York City, September 12: UK-based PricewaterhouseCoopers Fire (PwC) has fired 1,800 employees in the United States amid restructuring. The PwC layoffs have affected several roles, from associates to MDs. Since 2009, this has been one of the major job-cut decisions by the firm. The layoffs caused by the restructuring have affected nearly 2.5% of the total workforce in the US.

According to the reports, the job cuts mainly affected the employees from tax, business services and audits. They said the fintech firm mostly focused on the US advisory, products and technology operations in its latest round of layoffs. It came as the company had been facing poor demand for advisory services. The reports said that half of the employees affected by the decision were offshore-based. Samsung Global Layoffs: Tech Giant To Reduce 30% of Its Overseas Workforce, Lay Off Around 1,000 Employees in India.

PwC announced it would lay off around 50% of China's workforce this year, affecting the financial service audit division. In China, the company had lost significant clients, including banks, insurance companies, assets, and wealth managers. PricewaterhouseCoopers had lost these clients amid the scrutiny over its auditing role in China Evergreen Group, the company accused of USD 78 billion fraud. 

In a memo, Paul Griggs, Senior Partner at PwC United States, announced the layoffs to the employees. It said the company was positioning itself for the future and creating investment capacity. The decision to lay off PwC would further let the company anticipate and react to the market opportunities in the future. 

The company said the job cuts would impact a small number of people. This marks 15 years since the company formally announced layoffs, i.e. in 2009. The company's notice to the staff also commemorated the grim incident of 2001's 9/11 attack, which cost the lives of five of its colleagues. Samsung India Layoffs: Samsung Electronics To Lay Off Around 9–10% of Its Total Workforce Ahead of Festive Season Amid Poor Demand.

PwC's COO in US operations, Tim Grady, said that the firm would need to be competitive and position its business for the future. He added that it would need to keep transforming and aligning the workforce to support the strategy. 

(The above story first appeared on LatestLY on Sep 12, 2024 04:49 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).