Reported by Financial Times, PwC UK is cutting about 175 audit associates from the roster “as the Big 4 firm grapples with tougher market conditions.” We thought it was consulting that was having this problem? It’s not like companies can choose to skip audits like they can consulting work. Feels like BS but what do we know.
FT adds:
PwC told some 270 audit associates last week that they were part of a compulsory redundancy round, according to people familiar with the matter, with one saying headcount in the division was too high partly because of a lack of junior staff leaving voluntarily.
Well that’s nice, make an extra hundred people freak out thinking they could be among the people leaving the firm in August. And does anyone else think firms keep using this “attrition is too high” line because they’re eager to replace exiting staff with offshore staff and not because normal attrition is actually too high based on historical numbers firms have always baked in to their operating models?
According to FT sources but not confirmed by PwC (they declined to comment), non-Brits working for PwC on visas are on the chopping block. Just recently the UK government raised the baseline minimum salary to be sponsored for a Skilled Worker visa from £38,700 to £41,700 ($57k USD).
In addition, PwC UK staff firmwide were told they’re getting a 2.5% raise this year. Firms are really going out of their way to communicate how little they give a fuck about you in 2025.
