PwC Australia sacks 366 staff in major restructure

Hundreds of PwC Australia staff have lost their jobs as part of widespread cuts made within the firm.

PwC Australia staff have been told 366 jobs will be axed as part of widespread cuts announced within the firm on Wednesday.

The firm’s 7200-strong staff were informed at midday on Wednesday that 329 staff and up to 37 partners were losing their jobs major restructure.

All staff who will be included in the cuts will be informed within the coming days about their future with the company.

Anyone affected may be invited to apply for new roles created by the changes in the business structure, PwC said.

Price Water House Coopers is planning on a major restructure of its business. Picture: NCA NewsWire / Damian Shaw

The affected partners will be bring forward their retirements over the next nine months to assist the business.

The restructure is reportedly to ensure the business model is simplified in the wake of a controversial year in business.

PwC’s tax practice was discovered to have misused confidential government briefings to assist clients bend the impending tax laws.

“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,”

PwC Australia CEO Kevin Burrowes said in a statement.

PwC Chief Executive Officer Kevin Burrowes says the cuts were part of the firm’s long-term strategy. Picture: NCA NewsWire / Martin Ollman

“I’m extremely proud of the contribution every individual at PwC Australia makes to this firm and their ongoing commitment to producing exceptional results for our clients.

“We acknowledge that days like today are especially difficult for those affected, as well as their teams and colleagues.

“I can assure you that we will work closely with impacted individuals to ensure they are aware of their options and next steps.

“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.”

The firm is also reconfiguring its management leadership team to add a Chief Information Officer and Chief Financial Officer in an effort to reduce layers and simplify the leadership team.

The internal structural change and job losses come after the firm underwent a review of all aspects of it’s business.

PwC was forced to sell its government consultancy business – valued at up to $1bn – for $1 last year.

PwC will be cutting more staff on Wednesday. Picture: NCA NewsWire / Andrew Henshaw

Almost 350 jobs were also slashed late last year, with several partners also entering early retirement.

The company’s Skilled Services Hub in Adelaide was also closed as part of the restructure, axing 141 jobs as a result.

The firm has also recently lost several clients, including Westpac which dumped PwC as its external auditors after a 20-year partnership in November.

In 2022, salaries varied between $380,000 for junior partners to $3.9m for the most senior partners.

Originally published as PwC Australia sacks 366 staff in major restructure