Accounting Giant to Reduce Workforce by Approximately 1,500 Employees Amid Market Slowdown
PricewaterhouseCoopers (PwC) revealed plans to cut about 1,500 jobs—approximately 2% of its U.S. workforce—as part of a strategic realignment triggered by slower demand in consulting and tax advisory services.
PwC’s U.S. division, with around 75,000 employees, announced the reduction following months of internal evaluation assessing business performance and market outlook. The cuts concentrate mainly in audit and tax divisions.
The firm stated this difficult decision comes after historically low voluntary turnover rates forced leadership to adjust staffing to better match client demand and operational efficiency.
Affected employees received notifications earlier this week, with reports indicating some impacted workers recently joined or anticipated promotions prior to the layoffs.
These cuts mark the second major workforce reduction ordered by U.S. PwC Senior Partner Paul Griggs since his appointment a year ago, with prior reductions of about 1,800 jobs in the technology product group in September 2024.
PwC is also slowing new campus recruit hires, though maintaining previously extended offers to interns expected to start at the end of 2025.
Industry-wide, the “Big Four” accounting firms face similar challenges amid economic uncertainty, shifts in consulting demand, and fluctuating M&A activity, which have softened growth expectations.
Deloitte, KPMG, and EY have all executed significant U.S. workforce reductions in the past year to align with evolving client needs and tighter budgets.
PwC emphasizes its commitment to supporting affected employees through transition services and assisting them in finding new opportunities.
