PwC axes over 300 jobs in major restructure
The firm will make 329 roles redundant and accelerate the retirement of up to 37 partners as its moves in a new strategic direction.
PwC has announced significant structural changes this week, impacting all lines of service and support functions.
The big four firm will make 329 roles redundant and fast-track the retirement of up to 37 partners over the next nine months, following a major review across the organisation.
In a public statement, PwC said all people impacted will be contacted over coming days, and, where possible, individuals will be invited to apply for new roles created by the changes in the business structure.
“These roles will be advertised internally, before being put to market,” it said.
The firm is also restructuring its management leadership team, adding a chief information officer (CIO) and chief financial officer (CFO).
Despite the cuts to jobs, PwC said it was still committed to its graduates and offers made to new starters. It will continue to hire people and appoint new partners on 1 July 2024 “in line with its strategic growth aspirations”.
PwC said the changes had been made as part of a shift to a private and corporate sector client-base and ensure the firm has a “simplified, efficient and centre-led structure”.
“These changes will result in the simplification of our enabling functions, the strategic combination of business units and a reconfiguration of the firm’s leadership team. These changes are being implemented to achieve the optimal structure for our firm moving forward,” it said.
PwC Australia chief executive Kevin Burrowes said the job cuts had been a very “challenging and complex process”.
“I’m extremely proud of the contribution every individual at PwC Australia makes to this firm and their ongoing commitment to producing exceptional results for our clients,” said Burrowes.
“We acknowledge that days like today are especially difficult for those affected, as well as their teams and colleagues. I can assure you that we will work closely with impacted individuals to ensure they are aware of their options and next steps.
“At its heart, this reorganisation will make the firm a more simplified, efficient and centre-led business, enabling us to continue delivering the highest quality of service to our corporate and private sector clients.”
This latest round of job cuts follows previous job losses at PwC announced in November last year as the firm continues to grapple with the fallout of its tax leaks scandal and reduced demand.
In November, 141 jobs were cut from PwC’s Adelaide Skilled Service Hub (SSH) support centre along with 197 cuts across the national organisation.
