PwC is preparing to lay off approximately 1,800 employees in the U.S., marking its first major workforce reduction since 2009. This move affects about 2.5 per cent of PwC’s U.S. workforce and 0.6 per cent globally, primarily targeting employees in the advisory, products, and technology divisions. The layoffs come as part of a broader restructuring effort aimed at streamlining operations for future growth, according to PwC’s U.S. leader, Paul Griggs. Affected employees will be notified in October, with the cuts impacting positions across business services, audit, and tax departments.
These layoffs come at a time when PwC is undergoing significant internal changes. Earlier this year, the firm integrated advanced technology by becoming the largest customer of OpenAI's ChatGPT Enterprise, deploying the AI tool to over 100,000 employees in the U.S. and U.K. Additionally, PwC faced challenges in its China operations after regulatory scrutiny and involvement in the Evergrande fraud investigation, which also led to layoffs.
The announcement also holds symbolic significance, as it comes near the anniversary of the 9/11 attacks, during which PwC lost five employees. The firm last initiated layoffs in the U.S. during the 2009 financial crisis, signaling the seriousness of this recent restructuring. Despite the layoffs, the broader U.S. economy is expected to maintain a “soft landing,” according to Treasury Secretary Janet Yellen, even amid slower job growth.
