PricewaterhouseCoopers (PwC), one of the "Big Four" accounting firms, is going to layoff some 600 people in the UK, according to a person with knowledge of the situation. The move is expected to impact 2.4 per cent of its 25,000 employees in the United Kingdom.
"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," PwC said in an emailed statement to Reuters, Without revealing the quantity of workers who would be impacted by the decision.
The first report on the situation was published in the Financial Times on 6 November. It stated that PwC will initiate a voluntary redundancy process, but would also compel job layoffs if insufficient employees want to go.
The report, which cited sources with knowledge of the situation, stated that the job losses will mostly target PwC's consulting business and a small number in the tax department. It said that the audit section would not be impacted.
In addition to Deloitte and EY, KPMG is one of the other "Big Four" accounting companies. According to a Reuters story from last month, the company plans to eliminate roughly 100 positions from its deal consulting division in the United Kingdom. In the UK, Deloitte likewise intends to eliminate over 800 people.
PwC, is the most recent member of the Big Four, joining the trend of reducing their workforce in the UK. This comes after a period of extensive recruitment to keep up with the significant demand for mergers and acquisitions.
Many companies have recently cut staff in anticipation of what is expected to be a slowdown in the economy later in the financial year.