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PwC has reduced its global workforce for the first time in 15 years, cutting 5,600 jobs to bring total headcount below 365,000 as the accounting giant adjusts to slower revenue growth, internal scandals, and rising AI adoption. The firm has also quietly abandoned its 2021 pledge to add 100,000 net new jobs by mid-2026, according to Scottish Finance News.
The firm’s annual report shows global revenue grew just 2.7% to $57 billion, trailing rivals Deloitte and EY. Growth was weakest in assurance and tax divisions, and the company did not disclose net income for the first time in recent years. Asia-Pacific revenues fell 4.1%, while the Americas saw moderate growth.
Regional challenges include a partner’s leak of government information in Australia and PwC’s auditing role for Evergrande in China, prompting the firm to impose stricter controls.
Leadership has emphasized prioritizing “quality over size,” withdrawing from 13 countries and trimming the client portfolio to focus on high-value work.
At the same time, PwC has accelerated investments in technology and AI, upskilling over 315,000 employees to boost productivity. While the $12 billion technology investment target set in 2021 was met ahead of schedule, the previously ambitious hiring target has been shelved.
