PwC cutting 366 roles

Accounting giant PwC has announced hundreds of redundancies and the accelerated retirement of partners, with its national headcount to be cut by about 5 per cent.

The firm will make 329 roles redundant and up to 37 partners will accelerate their retirement over the next nine months.

The changes will affect all lines of service and support functions.

They add to the fallout from last year's tax leaks scandal, which forced PwC to sell its government consulting business for $1.

The redundancies mark the second round of job cuts in six months, after PwC slashed about 350 roles last November, particularly from its Adelaide service hub.

In addition, about 1,200 PwC staff exited the firm when Scyne Advisory was created to take over its public sector consulting work.

PwC said the changes announced today reflected its shift to a private and corporate sector client base, and took account of current to medium-term economic and market conditions.

“The review identified the need to take proactive steps to reorganise and reshape areas of the firm to ensure it has a simplified, efficient and centre-led structure,” it said.

“These changes will result in the simplification of our enabling functions, the strategic combination of business units and a reconfiguration of the firm’s leadership team.”

The changes include the addition of a chief information officer and chief financial officer to its management team.

PwC said this will reduce layers and simplify the leadership team.

Australia CEO Kevin Burrowes said the review aligned the firm’s business structure with its new long-term strategy.

“At its heart, this reorganisation will make the firm a more simplified, efficient and centre-led business, enabling us to continue delivering the highest quality of service to our corporate and private sector clients,” he said.

PwC said all people affected by the changes would be contacted in coming days, and, where possible, individuals would be invited to apply for new roles created by the changes in its business structure.

The firm said it remained committed to its graduates and offers made to new starters.

It also plans to appoint new partners on 1 July 2024.