PwC cuts hundreds of jobs as scandal, slowdown hit
Key Points
- Why it matters: Consulting firms are cutting staff as public and private sector demand falls.
- Context: The fall is due to the PwC tax cuts scandal, Labor cutting external advisers and the uncertain economy.
- What next: The cuts are happening globally and the market is unlikely to pick up until next year.
The nation’s once dominant consulting firm, PwC Australia, will cut 344 roles, or more than 4 per cent of its 8000-strong workforce, as fallout from its tax leaks scandal and the economic slowdown reduce demand for its services.
The scandal has caused advisory clients to shun the brand and bedrock auditing clients also appear to be reassessing their relationship with its market-leading auditing business. On Wednesday, Westpac took the aggressive step of specifically announcing it would not reappoint PwC as its auditor when it put the contract to tender.
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