PwC cuts 1,500 US jobs amid hiring slowdown and low attrition rates

PwC has announced plans to lay off approximately 1,500 employees across its US operations, largely affecting staff in its audit and tax divisions.

This move follows a months-long internal review aimed at streamlining the company's structure amid unexpectedly low staff turnover.

The cuts represent around 2% of its 75,000-person US workforce.

"This was a difficult decision, and we made it with care, thoughtfulness and a deep awareness of its impact on our people, appreciating that historically low levels of attrition over consecutive years have made it necessary to take this step," PwC stated.

Notifications were sent to affected employees via Microsoft Teams invitations labeled "time sensitive."

Among those let go were employees who had only recently joined the firm.

"Everyone was completely blindsided by the lay-offs today," said one new hire who started in September.

Another added, "Some of us were up for promotion, but instead of a promotion and a pay bump we're now getting cut off."

Industry-wide slowdown hits Big Four firms

The job cuts mark the second round of layoffs under US senior partner Paul Griggs, who also oversaw a restructuring in September that led to 1,800 job losses in the products and technology group.

This week's layoffs reportedly included additional staff from that division.

The consulting slowdown across the Big Four has been fueled by a sharp decline in tech advisory demand and a weaker-than-expected rebound in M&A activity due to market volatility.

Similar reductions have taken place at Deloitte and KPMG, where low attrition rates have also prompted cost-cutting.

Recently, UPS also announced a major downsizing, cutting 20,000 jobs and closing 73 facilities as its partnership with Amazon shrinks.

Facing trade uncertainty and operational shifts, UPS expects to save up to $3.5 billion in 2025 through these aggressive measures.