PwC slashes jobs amid downturn

PwC has initiated a round of job cuts, offering voluntary redundancy to over 100 middle-ranking employees as part of its strategy to address a slowdown in professional services. The firm, which employs 25,000 staff, is also delaying promotions for around 100 junior consultants for the second consecutive year. According to a source close to the firm, this decision aims to stagger promotions to avoid a large cohort being promoted simultaneously. Marco Amitrano, PwC’s chief, is implementing these measures in response to a sector-wide downturn, with consulting services contributing about a third of the firm’s revenues. As inflation pressures firms, many are reducing their consulting expenditures, leading to a significant decline in available work.