TFS Gulf
  • All categories
    • inPractice
    • Entrepreneur Story
    • Finance Leaders
    • Videos
TheFinanceStory
No Result
View All Result
  • Login
  • Register
  TFS Gulf
  • All categories
    • inPractice
    • Entrepreneur Story
    • Finance Leaders
    • Videos
The finance story
No Result
View All Result
  • Login
  • Register
The Finance Story
No Result
View All Result

PwC fires 1,800 employees. What’s driving Big 4’s major U.S. layoffs?

PwC has announced plans to lay off approximately 2.5% of its U.S. workforce, marking the company's first significant reduction since 2009. This decision will impact employees across various levels, from associates to managing directors. Nearly half of the cuts are anticipated to affect offshore roles.

The Finance Story by The Finance Story
Published date: 14th September, 2024
Last edited date: 27th June, 2025
SHARE (0)
PwC slashes 1,800 jobs, with nearly 50% accounting for offshore roles
Share on FacebookShare on Twitter
  • For the first time since 2009, PwC has announced a significant reduction in its U.S. workforce.
  • About 1,800 employees—roughly 2.5% of the U.S. workforce—will be affected as PwC adjusts to changing market demands.
  • So, what’s driving PwC’s first major U.S. layoffs in over a decade?

The numbers: Who’s affected?

In this sweeping layoff announcement, PwC is not holding back.

The cuts will hit employees across various levels, from associates to managing directors.

Key verticals such as business services, audit, and tax will bear the brunt of the restructuring.

Nearly half of the layoffs are expected to impact offshore roles, reflecting the firm’s intention to streamline its global operations.

Employees are anxiously waiting for notifications, set to arrive in October 2024—a tense and uncertain time for many.

Also read: Big 4 India Inside Scoop: Appraisal, Benching, Hiring

Why now? The story behind the cuts

The layoffs come as PwC faces a slowdown in demand for some of its advisory services, according to The Wall Street Journal.

This drop in business has led the company to make tough decisions to stay competitive in a changing market.

The layoffs are part of a bigger plan that started in July 2024 when Paul Griggs took over as PwC’s U.S. leader.

In a memo,  Paul Griggs, shared the firm’s strategy, noting that these cuts are part of a broader effort to “position our firm for the future, create capacity to invest, and anticipate and react to the market opportunities of today and tomorrow.”

But there’s more to this story.

PwC’s COO, Tim Grady, echoed these sentiments, stating, “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.”

Also read: This Big 4 Service Delivery Centre quietly fired 300+ staff

Doubling down on AI

While PwC is cutting jobs, it’s also doubling down on AI—in a big way.

The firm has committed $1 billion to invest in generative AI for its U.S. operations over the next three years.

This bold move includes integrating OpenAI’s ChatGPT Enterprise across the firm, with a rollout to 100,000 employees planned—75,000 of those in the U.S. alone.

Global troubles: PwC’s China crisis

The real trouble lies in the fallout from the Evergrande scandal.

PwC is under scrutiny after China’s securities regulator accused Evergrande of inflating its revenues by nearly $80 billion—even as PwC’s China unit signed off on its accounts.

This has led to talk of a six-month suspension for Zhong Tian LLP, PwC’s auditing arm in mainland China.

While PwC looks to the future in the U.S., it faces mounting challenges in China.

The firm recently lost a major client when Country Garden Holdings dropped PwC as its auditor. A major blow to its business in the region!

And that’s not all—PwC has been dropped by major Chinese companies, including Bank of China, China Life Insurance, PICC, China Taiping Insurance, and China Cinda Asset Management.

These exits follow government guidance and signal the firm’s increasingly precarious position in China.

The Big 4 and industry-wide challenges

PwC’s decision to axe jobs in the U.S. mirrors broader challenges faced by the Big Four accounting firms.

KPMG, EY, and Deloitte have also been grappling with economic pressures and higher interest rates, resulting in significant layoffs across the industry.

In June 2024, KPMG cut 200 jobs in the U.K. as part of its own cost-cutting measures, highlighting the difficult choices firms must make to stay afloat in these uncertain times.

What’s happening in other regions?

In July – August 2024 one particular Big 4 Service Delivery Centre in India caught everyone’s attention – Approximately 250+ people were forced to resign or faced with stalled promotions, leading them to resign voluntarily.

On the contrary, in 2023, PwC India unveiled plans to create 30,000 new jobs over the next five years, strengthening its presence in the country.

This expansion could bring the firm’s total employee count in India to over 80,000 by 2028.

So, what’s next for the accounting giant?

The Finance Story

The Finance Story

Recommended for you

India’s IT layoffs driven by Global Capability Centres, not just AI?
GCC

India’s IT layoffs driven by Global Capability Centres, not just AI?

18th August, 2025 | 3 mins read
BCG surpassed McKinsey by headcount...Thanks to talent from India!
Management Consulting

BCG overtakes McKinsey in Headcount…Thanks to talent from India!

18th August, 2025 | 3 mins read
KPMG Australia’s layoffs highlight the mounting challenges facing consulting firms worldwide—where a cooling market, rising cost pressures, and the urgent push toward AI and offshoring are forcing a complete rethink of the playbook.
Big 4

KPMG Australia cuts 635 jobs, while Partners pocket 10.3% pay rise

14th August, 2025 | 3 mins read
PwC triple revenues in India by 2030. Create 20,000 new jobs
Big 4

PwC triple revenues in India by 2030. Create 20,000 new jobs

14th August, 2025 | 3 mins read
Big 4 losing AI race while midzed, small & boutique firms winning
AI

Big 4 struggle with AI adoption, while midsized & boutique firms win

12th August, 2025 | 3 mins read
KPMG India Reappoints Yezdi Nagporewalla as CEO for Second Term
Big 4

KPMG India Reappoints Yezdi Nagporewalla as CEO for Second Term

7th August, 2025 | 3 mins read
Next Post
OpenAI launches AI models with 'reasoning' abilities'

OpenAI launches AI models with humanlike 'reasoning abilities'

Start conversation Cancel reply

Your email address will not be published. Required fields are marked *

Popular posts

  • Big 4 firms in India: Inside Deloitte, PwC, EY, & KPMG growth, careers and salaries

    Big 4 firms in India: Inside Deloitte, PwC, EY & KPMG career prospects, growth and salaries

    0 shares
    Share 0 Tweet 0
  • KPMG Partner quits and goes Boutique with high end advisory firm: Now has 5+ offices & 75+ team

    0 shares
    Share 0 Tweet 0
  • Designations in HDFC Bank: From Joining as an Assistant Manager to climbing to the rank of Managing Director.

    80 shares
    Share 0 Tweet 0
  • Big 4 India Partners jumping from one firm to another: High alert as Partner poaching surges

    0 shares
    Share 0 Tweet 0
  • CA Firms Kirtane & Pandit, Guru & Jana, SSKM unite to build India’s Next Big Global Consulting Firm

    0 shares
    Share 0 Tweet 0
  • Hierarchy level in ICICI Bank: Thinking of joining ICICI Bank? Here’s an overview of the employee grades.

    175 shares
    Share 0 Tweet 0
  • ICAI Under Fire: Women Removed from Front Row at CA Students’ Conference Following Guest’s Demand

    0 shares
    Share 0 Tweet 0
  • EY, PwC, Deloitte surpass 3,300 Partners. EY added 1000+ new Partners

    0 shares
    Share 0 Tweet 0
  • UK firm outsourced accounting work to India but quality dropped: Now established his own offshore unit

    0 shares
    Share 0 Tweet 0
  • Deloitte India offers ‘Golden Handshake’ to senior Partners aged 55 & above. Plans to elevate young partners.

    0 shares
    Share 0 Tweet 0
The Finance Story

The Finance Story empowers finance professionals—CFOs, consultants, accountants, tax experts, and bankers—to navigate critical market shifts, industry disruptions, and emerging technologies & trends.

How? We spotlight key opportunities in India and globally, equipping finance professionals with the insights and strategies to drive business growth, optimize decision-making, and position their companies at the forefront

Quick Links

  • Finance
  • Partners
  • Privacy and Policy
  • Terms of use

Follow us

  • /TheFinanceStory
  • @TheFinanceStory
  • /TheFinanceStory
  • @thefinancestory_com
  • TheFinanceStory

© 2022. The Finance Story. All Rights Reserved.

No Result
View All Result
  • TFS Gulf
  • Entrepreneur Story
  • Finance Leaders
  • Videos
  • Login
  • Sign Up

Welcome Back!

Sign In with Google
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Google
OR

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
We use cookies to personalize your experience. By continuing to visit this website you agree to our use of cookies.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?
Book 1:1 call with industry expert