PwC, one of the Big Four accountancy firms, has laid off almost 1,500 people in the United States (USA). According to the Financial Times, the job layoffs affect 2 per cent of PwC's 75,000 employees in the United States.
According to sources acquainted with the situation, the majority of the impacted employees worked in the audit and tax departments. The employment losses came after a months-long examination of the business. Previously, PwC had reassigned hundreds of US staff from less busy positions to faster-growing ones.
Affected employees were notified on Monday and Tuesday (May 12 and 13) of this week. According to the magazine, hundreds of them received an email with a "time-sensitive" Microsoft Teams meeting invitation.
Many of the people put-off had recently joined PwC. One colleague who joined in September told the Financial Times that they were "devastated." "Everyone was completely surprised by the layoffs today," the person stated.
Another worker went on: "Some of us were up for promotion, but instead of a promotion and a pay bump, we're now getting cut off."
The firm is also lowering campus hiring due to lower worker turnover, but will honour offers given to last year's interns who are expected to start later this year, according to the person.
Addressing the matter, a statement from the company said, “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.”
