Mass Job Cuts At PwC After Exodus Of Clients In China
The report indicates that over 100 employees from various teams at PwC China's offices in Beijing, Shanghai, and other locations are being let go
PricewaterhouseCoopers (PwC) is reportedly reducing its workforce across its China operations following a significant decline in corporate clients in the region. According to Bloomberg, this development arises from the accounting firm's diminished revenue prospects in the country.
The report indicates that over 100 employees from various teams at PwC China's offices in Beijing, Shanghai, and other locations are being let go. One team experienced layoffs affecting more than half its members, although the total number of firmwide cuts remains uncertain.
"In response to changes in the external environment, we are making adjustments to optimize our organizational structure to better align with market demand," a PwC spokesperson informed Bloomberg.
The spokesperson acknowledged that these adjustments were difficult decisions and emphasised that PwC is actively communicating with affected employees, ensuring that the plan complies with all relevant labor laws in China.
Earlier reports highlighted that the threat of regulatory penalties and the loss of Chinese corporate clients caused considerable concern among PwC China staff, prompting some to explore other career opportunities.
