PricewaterhouseCoopers LLP is reportedly cutting staff at its China operations following an exodus of corporate clients in the country. Bloomberg reported that the move comes at a time when the accounting firm’s revenue outlook has declined in the country.
PwC layoffs: More than half of the team was let go, though the final tally of company-wide cuts was not immediately clear, the report said. (Freepik) {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}}
The report says at least 100 employees from different teams across PwC China offices in Beijing, Shanghai and other locations have been laid off. More than half of one team was let go, though the final tally of the company-wide cuts was not immediately clear, the report said.
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“In light of changes in the external environment, we are making some adjustments to better optimize our organizational structure to align with market demand,” a PwC spokesperson told Bloomberg.
“These adjustments are a difficult decision. We are actively communicating with our people and will ensure that the plan complies with all relevant labor laws in China,” the spokesperson added.
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It was previously reported that the threat of regulatory sanctions and the loss of Chinese corporate clients had caused much concern for PwC China staff and led some to look elsewhere for opportunities.
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