PwC has announced a significant round of layoffs in the US, cutting around 1,500 jobs. The reduction amounts to roughly two per cent of its US workforce, that is, over 75,000 employees. This marks the second major layoff under US senior partner Paul Griggs in less than a year.
The layoffs primarily impact PwC’s audit and tax divisions, as they have seen slowing demand. Many of those affected had joined the firm recently, with some just months into their roles. Several employees were reportedly informed of their termination through abrupt meeting invites labelled “time sensitive.”
This decision follows internal reviews that were conducted over months. PwC had already redeployed hundreds of staff from low-demand functions to areas with higher growth potential. However, persistent low staff turnover has led to an imbalance in workforce needs, causing the need for job cuts.
The firm is also scaling back campus hiring in response to reduced attrition. While PwC will honour existing job offers made to former interns, it is unlikely to extend new ones in the near term.
The broader consulting sector is facing headwinds. A slowdown in technology consulting and fewer mergers and acquisitions have dampened the once-booming advisory business. Market instability and cautious client spending have further strained operations.
PwC’s move mirrors actions by other Big Four firms that have also trimmed their US workforces over recent months, citing sluggish attrition rates and slower demand. In an earlier restructuring, PwC had eliminated 1,800 jobs in its products and technology division.
With growing economic uncertainty, large firms such as PwC are tightening operations, focussing on sustainable growth while managing excess capacity in their workforce.