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PwC joins Big Four rivals in slashing UK jobs

City AM

PwC plans to cut up to 600 jobs in the UK, according to a report from the  Financial Times on Tuesday

FT sources said the accountancy firm will launch a voluntary redundancy programme but will cut jobs on a compulsory basis if not enough people decide to leave. It will be directed mainly at  PwC ’s advisory business. 

PwC was the last of the  Big Four accounting firms   to hold out against redundancies but acted after a fall in the number of people resigning in recent months. Deloitte is cutting around 800 jobs in the UK, while EY and KPMG have both launched redundancy programmes.

The percentage of staff leaving each year has fallen 5 percentage points in recent months and is now at around 10 per cent, according to those familiar with the matter.

The planned redundancy would result in fewer people leaving than if attrition were at normal levels, they added.

PwC told  City A.M   that decisions about jobs are “never taken lightly”.

“This is about flexing our business to demand. There are still areas of good growth and recruitment,” the firm said. 

PwC UK Chair Kevin Ellis told the FT that the firm had decided to launch the redundancy round rather than delaying or cancelling job offers to graduates and school-leavers. 


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