Catherwood LibraryILR School

PricewaterhouseCoopers, a major global accounting firm, has announced layoffs that will affect hundreds of employees in the United States. The firm stated that it will be reorganizing the structure of its technology division, and around 1800 workers will be let go. PwC will also make changes to the structure of various practices in the advisory and product divisions. The demand for professional services has decreased recently due to higher interest rates and a slower US economy. The cuts will affect PwC employees at all levels, ranging from associates to managing directors, and reduce headcount by over two percent. The firm will notify affected workers in early October, and it is the first time in several years that PwC is conducting formal layoffs. The last time the firm had formal layoffs was in 2009, while PwC’s major competitors, such as Deloitte, EY, and KPMG, have conducted layoffs affecting thousands of workers during the same period.