Accounting giant PwC to cut up to 600 jobs

The company plans to make ‘voluntary severance offers’ to some of its staff.

PwC employs thousands of people in the UK. (Philip Toscano/PA) (PA Archive)

Accounting giant PwC will cut around 600 jobs in the UK as staff have been reluctant to leave on their own, according to a report.

The company confirmed that it planned to make “voluntary severance offers” to some of its staff as attrition numbers were lower than usual.

PwC did not mention any job numbers, but the Financial Times reported that it is targeting around 500-600 cuts.

The business will try to find volunteers for the redundancy programme, but could be forced into compulsory redundancies if not enough people come forward.

PwC said: “In light of lower than normal attrition rates and subdued growth in parts of the business, we are making targeted voluntary severance offers to some of our people.

“Decisions about jobs are never taken lightly – this is about flexing our business to demand. There are still areas of good growth and recruitment.”

It comes after significant redundancies at rivals of PwC. Fellow Big Four members Deloitte, EY and KPMG are all cutting hundreds of jobs.

The FT reported, citing sources, that among this uncertainty, the percentage of PwC’s staff leaving each year has fallen from around 15% to 10% in recent months.

The up to 600 planned redundancies would lead to fewer staff members leaving than normally would under its old attrition rate.

PwC UK chair Kevin Ellis told the FT that the alternative to the cuts would be delaying or cancelling job offers that the business had made to graduates or school-leavers.

By instead looking for redundancies elsewhere it can continue to offer these opportunities to people in the early stages of their careers.