Beijing, July 11: PricewaterhouseCoopers, also known as PwC, a London-based international consulting and accounting firm, recently announced mass layoffs in Beijing, Shanghai, and other locations in China. The PwC China layoffs were announced after the company lost its major clients in the country. The departure of clients adversely affected the firm's revenue prospects in China. The layoffs led to 100 employees losing their jobs from various teams.

The report by Bloomberg highlighted the struggles faced by the PricewaterhouseCoopers LLP company and the reasons for the job cuts. The reported exodus of corporate clients in the region affected the diminished revenue prospects in the country. Out of several teams, the PwC layoffs affected more than half of the company's one team. Intuit Layoffs: US-Based Global Software Company To Lay Off 1,800 Underperforming Employees and Replace Roles With New Hires To Boost Its AI Plans.

PwC spokesperson came forward and shared some highlights of the company's China layoffs. The spokesperson said that the company decided to make some necessary changes in light of the changes to the external environment. Further, the company spokesperson said PwC would make some adjustments to optimise its organisational structure to align with the market demand. 

The person shared that it was difficult to make the decision about PwC China layoffs and said that the company would ensure compliance with all labour laws in the country. The report emphasised that the firm had to resort to job cuts as it lost 30 publicly listed companies in Mainland China that dropped it as their auditor in 2024. The companies included Bank of China Ltd., PetroChina, China Life Insurance, and others. CNN Layoffs: US-Based Cable News Network Cutting About 100 Jobs, Plans to Debut Digital Subscriptions Before Year's End.

The report mentioned that before the layoffs were announced, the PwC China employees were already anxious, and some also started looking for work elsewhere. The PwC China layoffs affected 100 jobs; however, the client loss was a significant loss to the company in 2024. The company said that it had been communicating with PwC people over this matter.

(The above story first appeared on LatestLY on Jul 11, 2024 06:42 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).