Fresh off the launch of its new logo comes a fresh round of layoffs at PwC, as the Big Four accounting firm is letting go of about 1,500 U.S. employees this week.
The Financial Times reported on Monday that the reduction in force—which amounts to about 2% of the firm’s 75,000-person workforce in the U.S.—is due to lower-than-expected job turnover. The cuts seem to mostly be targeted at professionals in PwC’s audit and tax businesses.
Those impacted by the RIF received a meeting invite email either yesterday or today marked “time sensitive,” the Financial Times reported.
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A separate email sent by management to PwCers in assurance and tax on Monday says those being let go have begun to be notified and those notifications “will be completed tomorrow, May 6 by EOD, with the exception of those who may be on vacation, sabbatical or a leave of absence.”
The full email to PwC employees in assurance, which was posted online and verified by other firm employees, states:
I want to take a moment to speak with you directly and transparently about a very difficult decision we’ve made.
We are moving forward with a workforce reduction across parts of our US firm— including Assurance, Tax and areas of our legacy Products & Technology business.
These are incredibly tough moments. Behind each role are individuals who have made meaningful contributions to our firm—people we’ve collaborated with, mentored, learned from, and shared successes with. That’s not something I take lightly.
This decision follows a long period of close review—along with actively supporting internal mobility and moving talent to support growth areas. But with historically low attrition and continued market shifts, this is a necessary step to better align our firm for the future.
Here’s what to expect: Notifications have begun and will be completed tomorrow, May 6 by EOD, with the exception of those who may be on vacation, sabbatical or a leave of absence. We also know the media is covering and will continue to cover this over the coming days, and it’s important that you have the full context. I know this is hard to hear—and I know the waiting can be even harder. Please take care of yourselves and one another. Check in on your teammates. Reach out if you have questions, need clarity, or just want to talk—whether it’s with your talent consultants, your leaders, or those you trust most within the firm.
Thank you for how you continue to show up for one another, especially during moments like these.
One PwC employee impacted by the RIF said on Reddit they are “upset, but honestly relieved.” They added, “I’ve hated my time here for a while, and was looking for a real reason to leave—looks like I found it.”
Another PwCer who was impacted wrote, “We didn’t even get a proper layoff as an experienced associate who literally put away all the family life and lost all the work/life balance to just deliver quality and timely work.”
“A little shocked as my snapshots were all ‘doing what’s expected and doing it well’ and ‘above and beyond,'” said another PwC employee who got the dreaded meeting invite. “Utilization was a little low, around 70%, but that was due to some long vacations and sick time off. It is what it is.”
The Financial Times reported that PwC has curtailed campus hiring because of the low staff turnover but would stand by offers it had already made to last year’s interns who were scheduled to join the accounting firm later this year.
This is the second round of layoffs at PwC US since Paul Griggs took over as senior partner on July 1, 2024. In September, the firm trimmed roughly 1,800 employees from its workforce primarily in its advisory practice and products and technology operations.
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Tags: Accounting, accounting firms, Firm Management, layoffs, Payroll, PwC
