New Delhi, July 17: PricewaterhouseCoopers (PwC) is reportedly planning to lay off its employees from China financial services audit division. According to reports, the UK-based fintech consulting firm may lay off up to 50 percent of its staff in the sector. The possible PwC layoff might be a part to streamline its operations and it is expected to impact many employees.

As per a report of Reuters, PwC is likely to lay off up to 50 percent of its audit staff in the China financial services division. Chinese regulators have been reportedly closely examining PwC because of its work auditing for China Evergrande Group. The scrutiny has led to some clients deciding to leave PwC, as per a report of Money Control. Microsoft Layoffs: Tech Giant Lays Off DEI Employees via Sending Email to Employees, Calls Team ‘No Longer Business Critical or Smart’.

PwC's China operations include consulting, tax services and auditing. PwC's financial services auditing team has at least 2,000 employees working throughout mainland China. Their primary offices are located in Beijing and Shanghai. They provide services to a variety of clients, including banks, insurance companies, assets and wealth managers.

According to several reports, PwC recently made the decision to lay off employees in China. It happened because the company lost its biggest clients in the country, which reportedly had a negative impact on its revenue. As a result, around 100 employees from different teams lost their jobs. PwC is now making adjustments to its organisational structure to better match the market demand and optimise its operations. Warner Bros Discovery Layoffs: US-Based Entertainment Company To Lay Off Around 1,000 Employees as Part of Cost-Cutting Efforts.

According to reports, PwC had around 400 clients in China, listed either domestically or in offshore markets like Hong Kong or New York, as of March this year. Recently, the company requested its financial services auditing team in Shanghai, which consists of about 1,000 employees, to take a career-break leave of approximately 15 days in July and August will likely receive one-fifth of their income.

(The above story first appeared on LatestLY on Jul 17, 2024 06:37 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).