Human Rersources

PwC to lay off 1,500 US employees amid low attrition

Photo caption: PwC Nigeria logo

 

Last year, reports circulated that PwC was considering slashing up to half its financial services auditing staff in China, as a regulatory investigation and an exodus of clients darkened business prospects.

PwC last month shut operations in nine Sub-Saharan African countries following a strategic review.

It listed Ivory Coast, Gabon, Cameroon, Madagascar, Senegal, the Democratic Republic of Congo, Republic of Congo, Republic of Guinea, and Equatorial Guinea as countries affected.

In a statement published on its website, the accounting firm said the move was part of a strategic review.

The development came amid reports that it had exited a wider set of markets deemed high-risk or unprofitable.

The decision marks one of the most significant contractions by a major global accounting firm in the region in recent years.

PwC operates as a network of independent but affiliated partnerships, and said the move followed a review of its network structure and long-term strategy in certain markets.

The closures follow reports of internal tensions between PwC’s global leadership and local partners, particularly over the firm’s push to de-risk client portfolios.

A Financial Times report, citing people familiar with the matter, said that local partners in several African markets had seen revenues fall by more than one-third in recent years, after being asked to sever ties with clients deemed high risk.

 

 

 

 

Related posts

Epe council to sponsor 1000 indigenes on skill acquisition in 4 years

Editor

N26m pension fraud: Court jails ex-HoS Chief Accountant

Editor

NPC to spend about N3bn on census data transmission

Editor

Group Seeks Gender Equality in Leadership Roles

Editor

NIPCO reiterates commitment to safety excellence on World Safety Day

Editor

Vocational skills training: ITF targets 13,000 Nigerians in 2018

Editor