Accounting firm PwC Australia on Wednesday said it would cut an additional 329 jobs as part of a major restructuring that comes in the wake of a nationwide scandal in which a former partner disclosed government tax plans.
Nearly 5% of the the employees will be terminated due to the headcount reduction, and up to 37 partners will accelerate their retirement within the following nine months.
As stated by Reuters, PwC Australia CEO Kevin Burrowes disclosed on 13 March that the company plans to slash 329 positions in three divisions: financial advisory, assurance, and consulting.
Just four months ago in Nov 2023, the accounting firm laid off another 338 employees.
Since the scandal broke in January 2023, PwC has also spun off its government consulting practice to private equity firm Allegro Funds for A$1. About 1,400 employees of PwC Australia transferred to the new company, which was renamed Scyne Advisory.
Those affected by the layoffs will also have the chance to apply for new roles created by the restructuring, where possible.
Just so you’re aware, the company has been rigorously criticized after revelations that a former partner leaked government tax plans and used them to win work with global companies looking to restructure their Australian tax affairs.
