Home » UK Employment news » PWC to cut 600 UK jobs as staff stay put

PWC to cut 600 UK jobs as staff stay put

By Hugh Fort in UK Employment news, posted November 7, 2023

PricewaterhouseCoopers (PwC), a prominent member of the "Big Four" accounting firms, is preparing to cut around 600 positions in the United Kingdom.

In a statement to Reuters, PwC said: "In light of lower than normal attrition rates and subdued growth in parts of the business, we are making targeted voluntary severance offers to some of our people.

The cuts were first revealed by the Financial Times, which said PwC wants to start a voluntary redundancy scheme.

However, the company is prepared to proceed with mandatory layoffs should the voluntary departures prove insufficient.

The cuts are likely to hit PwC's consulting arm, with a smaller hit on the tax sector.

The auditing section is unlikely to be affected.

Last month, Reuters revealed that KPMG, another 'Big Four' entity alongside Deloitte and EY, was looking to reduce its workforce by about 100 roles within its UK deal advisory segment.

Additionally, Deloitte is reportedly on course to reduce its UK workforce by over 800 positions.

These moves come as numerous companies are downsizing their staff in anticipation of a potential economic downturn later this year.

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