PwC Layoffs Reportedly Hitting 1,800 Workers Amid Slowing Demand

PricewaterhouseCoopers (PwC) layoffs reportedly are impacting about 1,800 workers, or 2.5% of its workforce, as part of a restructuring of its technology group.

That’s according to the Wall Street Journal. It reports that the professional services firm's U.S. unit is conducting the layoffs amid slowing demand for some of its advisory business, citing people familiar with the matter.

PwC plans to notify impacted employees next month, the people said.

Tim Grady, PwC’s U.S. chief operating officer, provided the following statement:

PwC's Tim Grady

“To remain competitive and position our business for the future, we are continuing to transform areas of our firm and are aligning our workforce to better support our strategy, including attracting and moving the right talent and skill sets to the areas where we need them most. Right now, we are focused on running our business well, and adapting to meet the needs of our clients and the rapidly changing market.”

Where PwC Layoffs Are Taking Place

The PwC layoffs reportedly are impacting employees in the United States and elsewhere, primarily in its U.S. advisory, and products and technology operations. About half of the workers are based overseas.

PwC is the latest company doing business in the channel to initiate layoffs. Last month, Five9 announced its cutting roughly 180 workers. And Cisco confirmed that it is laying off about 7% of its workforce.

Related:Recent Tech Layoffs: 2024 Q1 Tracker

These are PwC’s first layoffs since 2009.

With offices in 151 countries and more than 364,000 people, PwC is among the leading professional services networks in the world. In fiscal year 2023, PwC firms provided services to 87% of the Global Fortune 500 companies.

For its fiscal year ending June 30, 2023, PwC’s gross revenue totaled $53.1 billion. PwC is a privately held company.

Among PwC’s alliance partners are SAP, Oracle, Salesforce, Microsoft, Amazon Web Services (AWS) and Google Cloud.