PwC Australia Cuts Over 300 Jobs in Major Restructuring Move
PwC Australia is undergoing a significant restructuring process, which includes cutting 366 positions, composed of 329 staff and up to 37 partners. This decision follows a challenging period marked by controversies, including a scandal involving the misuse of confidential government briefings by PwC’s tax practice. The fallout led to the sale of its government consulting business to Allegro Funds for a nominal $1 after being barred from securing new Commonwealth work.
The restructuring aims to streamline the company's operations and enhance its reputation. It involves a shake-up of the management team, adding a chief information officer and chief financial officer to the leadership roster. Despite the job cuts, PwC Australia plans to continue recruiting, with appointments of new partners scheduled for July 1.
This move comes after a previous round of layoffs in November, where over 300 jobs were eliminated, coinciding with the loss of a major client, Westpac, which ended a 20-year partnership with PwC. The Adelaide Skilled Services Hub was also shut down, leading to the loss of 141 jobs. These changes are part of PwC's broader effort to adapt to a challenging market environment, characterized by reduced demand for advisory services in both the private and public sectors.
