PricewaterhouseCoopers laying off around 1,500 employees 3% of US workforce amid industrywide slowdown

PricewaterhouseCoopers is laying off approximately 1,500 employees in the US, marking a significant retrenchment by one of the Big Four accounting firms as it struggles with low staff turnover and stagnant market conditions.The cuts, which amount to roughly 3% of PwC’s 75,000-strong US workforce, are primarily concentrated in the firm’s audit and tax divisions.The decision followed a months-long internal review of business needs, according to Financial Times.It also comes after the firm had already reassigned hundreds of employees to internal roles in higher-growth areas in an attempt to delay more drastic action.“This was a difficult decision, and we made it with care, thoughtfulness and a deep awareness of its impact on our people, appreciating that historically low levels of attrition over consecutive years have made it necessary to take this step,” the firm said in a statement.Employees affected by the layoffs were informed on Monday and Tuesday, with hundreds being invited to a Microsoft Teams meeting before receiving severance details via email.The suddenness of the decision has left many blindsided.“From what I’d informally seen, we had very recently hired,” one PwC employee who was not laid off told Financial Times.“Previous years, somebody blindsided like this got loads of help.”“The firm seems to be trying to get rid of people, but instead of perception aid just saying ‘we are going to cut,’” another employee said.Internally, some employees accused the firm of poor transparency, noting that hiring had been curtailed well before turnover fell, yet salaries were still budgeted for junior employees who were ultimately deemed unnecessary.The layoffs come amid mounting pressure across the Big Four as firms contend with reduced attrition rates and a tougher economic environment.The Big Four accounting firms — Deloitte, PwC, EY and KPMG — are the largest global networks providing audit, tax and consulting services, serving most Fort...