PwC Australia is preparing for further job cuts, with an additional 329 roles set to be axed as part of a restructuring exercise. This amounts to around 5% of the workforce being impacted, with 37 partners set to retire by the end of 2024. A previous announcement last November had already revealed that around 338 roles would be cut. The latest layoffs are intended to ensure the business structure aligns with the firm’s new strategy in the long-term.
The company has stated that it will support affected employees and offer opportunities for them to apply for new positions that emerge from the restructuring.
PwC Australia has undergone significant changes since a scandal in January 2023, when it emerged that the financial services firm was leaking confidential information about the government to win new business. Partners were accused of sharing sensitive data relating to the commencement date of a new tax law that would have significant impacts on multinational firms like Google. The company had reportedly been following questionable practices for years. The scandal led to the sacking of several executives, including the CEO, and the profitable government consulting practice was sold to Allegro Funds, a private equity company, for a nominal sum of $0.63. This sale resulted in the establishment of a new firm called Scyne Advisory.
As part of a reform exercise, PwC Australia will appoint a new external chief risk officer, revamp the firm’s culture, and link the pay of partners with ethical behavior. The firm is still hiring and focusing on growth.
