The accounting powerhouse, PwC, has let go of around 1,500 staff members across the United States.
This was reported by Reuters on Monday.
The job cuts represent nearly two percent of the workforce at our US branch, as noted by a company representative.
PwC boasts a workforce exceeding 75,000 individuals in the US.
“This was a challenging choice, and we approached it with care, deliberation, and a profound understanding of its effects on our employees, recognizing that persistently low turnover rates over multiple years necessitated this action,” PwC stated in a press release.
Last year, speculation surfaced that PwC was contemplating cutting up to half of its financial services audit team in China, faced with a regulatory inquiry and a departure of clients that clouded its business outlook.
Recently, PwC closed its operations in nine Sub-Saharan African nations following a strategic assessment.
Countries affected include Ivory Coast, Gabon, Cameroon, Madagascar, Senegal, the Democratic Republic of Congo, Republic of Congo, Republic of Guinea, and Equatorial Guinea.
In their announcement on the website, the accounting giant mentioned that this action was part of a strategic evaluation.
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This development coincided with reports indicating that the firm had withdrawn from a broader set of markets considered high-risk or unprofitable.
This decision marks one of the most notable contractions by a significant global accounting entity in the region in recent times.
PwC functions as a network of independent but interconnected partnerships, and stated that this decision followed a review of its network framework and long-term strategy in select markets.
The closures came after reports of internal discord between PwC’s global leadership and local partners, especially regarding the firm’s initiative to minimize risks in client portfolios.
A Financial Times article, citing sources familiar with the situation, indicated that local partners in several African countries had experienced revenue declines exceeding one-third in recent years, following directives to cut ties with clients considered to be high risk.