New York City, September 12:┬аUK-based┬аPricewaterhouseCoopers Fire (PwC) has fired 1,800┬аemployees in the United States amid restructuring. The PwC layoffs have affected several roles, from associates to MDs.┬аSince 2009, this has been one of┬аthe major job-cut┬аdecisions by the┬аfirm. The┬аlayoffs caused by the restructuring have affected┬аnearly 2.5% of the total workforce in the US.

According to the reports,┬аthe job cuts mainly affected the┬аemployees┬аfrom tax,┬аbusiness services and audits. They said the fintech┬аfirm┬аmostly focused on the US advisory, products and technology┬аoperations in its latest round of┬аlayoffs.┬аIt came as┬аthe company had been facing poor demand for advisory services.┬аThe reports said that half of the employees affected by the decision were offshore-based.┬аSamsung Global Layoffs: Tech Giant To Reduce 30% of Its Overseas Workforce, Lay Off Around 1,000 Employees in India.

PwC announced it would lay off┬аaround 50% of China's workforce this year,┬аaffecting the┬аfinancial service audit division.┬аIn China, the company had lost significant┬аclients, including banks, insurance companies, assets, and wealth managers. PricewaterhouseCoopers had lost these clients amid the scrutiny over its┬аauditing role in China Evergreen Group, the company accused of USD 78 billion fraud.┬а

In a memo, Paul Griggs,┬аSenior Partner at PwC United States, announced the layoffs┬аto the employees. It said the company was positioning itself for the future┬аand creating investment capacity. The decision to lay off PwC would further let the company anticipate and react to the┬аmarket opportunities in the future.┬а

The company┬аsaid the job cuts would impact a┬аsmall number of people. This marks 15┬аyears since the company┬аformally announced layoffs, i.e. in 2009.┬аThe company's notice to┬аthe┬аstaff also commemorated the┬аgrim incident of 2001's 9/11 attack, which┬аcost the┬аlives of┬аfive of its colleagues.┬аSamsung India Layoffs: Samsung Electronics To Lay Off Around 9тАУ10% of Its Total Workforce Ahead of Festive Season Amid Poor Demand.

PwC's COO in US operations, Tim Grady, said that the firm would need to be competitive and position its business for the future. He added that it would need to┬аkeep transforming and aligning the workforce to support the strategy.┬а

(The above story first appeared on LatestLY on Sep 12, 2024 04:49 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).