PwC layoffs: Mass job cuts at company after exodus of clients in China

PwC layoffs: At least 100 staffers from different teams at PwC China’s offices in Beijing, Shanghai and other locations are being shown the door.

PricewaterhouseCoopers LLP is reportedly cutting staff across its China operations after an exodus of corporate clients in the country. Bloomberg reported that the development comes as the accounting firm’s revenue prospects have diminished in the country.

PwC layoffs: More than half of one team was laid off although the final tally of firmwide cuts wasn’t immediately clear, the report claimed. (Freepik)

The report claimed that at least 100 staffers from different teams at PwC China’s offices in Beijing, Shanghai and other locations are being shown the door. More than half of one team was laid off although the final tally of firmwide cuts wasn’t immediately clear, the report claimed.

“In light of changes to 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 is in compliance with all relevant labor laws in China,” the spokesperson added.

Earlier it was reported that the threat of regulatory penalties and the loss of Chinese corporate clients resulted in a lot of worry for PwC China staffers and prompted some to seek opportunities elsewhere.