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.

 

 

 

 

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