PwC to cut 400 financial advisory and consulting jobs

covid-19/PwC/revenue/

18 June 2020
| By Jassmyn |
image
image
expand image

PwC’s financial advisory and consulting business, and its support function, will have 400 jobs cut due to COVID-19.

According to news reports, PwC told staff on Wednesday that it would cut 5% of its 8,000 workforce and would include partner retirements and staff redundancies.

The Australian Financial Review said PwC wanted to have the restructure and redundancies completed by the end of July.

PwC chief executive, Tom Seymour, told the AFR that revenue had fallen by over 15% in April and May with only compliance and audit work on track.

The announcement came two weeks ahead of the end of the firm’s reduced working week program.

The program, that started in mid-April, included pay and hours for staff cut by up to 40%, most staff cut to four days at 80% pay, some staff cut to three days at 60% pay, deferred pay rises and bonuses and a halving of the graduate intake.

For partners, the program included an annual income cut by 30% to 40%, partner admissions deferred until 2021, and deferred pay rises and bonuses.

The program aimed to protect jobs and avoid redundancies.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 1 week ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks 2 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

2 weeks 1 day ago

One licensee has lost 27 advisers in the past week, now sitting at zero, according to the latest Wealth Data figures....

3 weeks 2 days ago

TOP PERFORMING FUNDS