Accounting firm PwC Australia announced on Wednesday (13 March) that it will be cutting over 300 jobs, or about 5% of its staff.
The restructuring came shortly after a national scandal where a former partner leaked the Australian government’s tax plans.
In addition to the layoffs, up to 37 partners are set to accelerate their retirement within the following nine months.
According to Reuters, PwC Australia CEO Kevin Burrowes revealed on 13 March that the firm is planning 329 job cuts across three divisions — consulting, assurance, and financial advisory.
Source: AFR
The layoffs account for more than 5% of the company’s workforce.
37 partners will also be accelerating their retirement over the next nine months.
Just four months ago in Nov 2023, the accounting firm laid off another 338 employees.
The Australian Financial Review (AFR) reported that the layoffs are part of a broader restructuring aimed at saving costs.
Source: International Tax Review
PwC Australia briefed partners on the plans, internally known as ‘Project Maple’, in a webcast on 12 March evening. The company informed staff about the layoffs the day after.
AFR shared that the job losses came from the reduced number of duplicated support roles, as well as positions in the firm’s consulting arm.
Those affected by the layoffs will also have the chance to apply for new roles created by the restructuring, where possible.
Despite the layoffs, PwC Australia is looking at expanding its management leadership team to include a chief information officer and a chief financial officer.
In addition, it will hire new partners in July and carry out a round of mid-year staff promotions.
Source: Sydney Morning Herald
“This has been a very challenging and complex process, but an important one, as we realign our business structure with our new long-term strategy,” Mr Burrowes said.
“We acknowledge that days like today are especially difficult for those affected, as well as their teams and colleagues,” he added.
Burrowes also noted that the restructure would simplify the firm and enable it to be more efficient and “centre-led”.
At the moment, it is uncertain if the layoffs will affect PwC’s office in Singapore. MS News has reached out to PwC Singapore for more information.
Also read: Sony, PropertyGuru & Expedia announce layoffs affecting more than 2,000 staff globally
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Featured image adapted from International Tax Review.
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