More Big Five gloom as PwC cuts jobs
PricewaterhouseCoopers is to axe around 9% of its consulting staff in the UK citing the economic slowdown as the cause.
The Big Five firm has requested 330 voluntary redundancies out of a workforce of 3,660 in PwC Consulting, which was rebranded this month.
It will affect consultants and support staff in information technology, the division that has driven much of the growth in professional services firms over the last few years.
The move is viewed as continuing evidence that the recruitment policies of many professional services firms in 2000 were over-optimistic ahead of predictions of a slowdown.
A PwC spokesman said: ‘This decision has not been taken lightly and is a result of our need to constantly review our skills base against our market and client requirements to ensure the future success and health of the business.’
He added that once the individuals had been informed, an email was sent round the division.
This is the second round of job cuts in PwC Consulting’s UK arm and the possibility of more has not been ruled out.
Rival KPMG announced two weeks ago that is was shedding up to 10% of its consulting staff. Ernst & Young also axed 200 jobs this month with the possibility of more to come.
In August, PwC announced a third round of cuts in its US consultancy arm affecting around 800 staff. The firm cut staff in January and April.
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