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The tech lay-offs continue unabated, with accounting giant Price Waterhouse Coopers (PwC) laying off around 1,800 US employees, about 2.5% of its global workforce, as part of a restructuring of its technology division.
According to the Wall Street Journal, the layoffs come in response to a decline in demand for certain advisory services, as revealed by individuals familiar with the situation. The firm's US operations are leading the job cuts, with notifications expected to be sent to the affected workers in the coming weeks.
Tim Grady, PwC's Chief Operating Officer for the US, explained: “To stay competitive and ensure our long-term success, we are reorganizing parts of the business. This involves shifting talent and skills into areas that are critical to our strategy. We remain committed to meeting the needs of our clients and responding to the evolving market.”
The layoffs primarily affect PwC's US advisory, products, and technology teams, with nearly half of the impacted workers located outside the US.
PwC is not alone in making workforce reductions within the industry. Recently, Five9 announced it was laying off 180 employees, while Cisco revealed plans to cut about 7% of its staff.
This marks the first time PwC has implemented significant layoffs since 2009.
As one of the largest global professional services networks, PwC operates in 151 countries with over 364,000 employees. In 2023, it provided services to 87% of Global Fortune 500 companies.
