Key facts
- PwC is planning job cuts within its UK audit division.
- The redundancies will affect senior associates and managers.
- The firm cited low staff attrition and a market plateau as reasons for the cuts.
- PwC stated it is providing support to affected employees.
- This follows similar job cuts at other Big Four firms like KPMG and Deloitte.
PwC is preparing to reduce its headcount in its UK audit division, marking the latest in a series of workforce reductions among the Big Four accountancy firms. The affected employees are understood to be senior associates and managers within the audit practice.
The decision stems from low staff attrition rates in PwC's audit division, a consequence of aggressive hiring during the post-pandemic boom when audit and consulting services were in high demand. However, the market has since stabilized, prompting firms to adjust their staffing levels.
A spokesperson for PwC stated that a small number of targeted voluntary exits have occurred in areas with low natural turnover to align with market opportunities, and that affected individuals are receiving expected support.
This move by PwC mirrors recent actions by other major accounting firms. Earlier this month, Deloitte announced it was cutting almost 200 jobs across its audit business, offering voluntary redundancy packages. Last month, KPMG was reported to be cutting 10% of its group corporate services division, following earlier cuts of 440 assistant managers in its audit division and 120 in its advisory arm, citing the need to 'right-size' areas with low attrition.