PwC intends to cut around 175 junior auditors by August and told its UK staff they would receive a 2.5 per cent pay rise from July, less than the 3 per cent last year, according to the FT, citing unidentified people familiar with the matter.
The move comes as the sector contends with weaker demand for some professional services and a “sharp decline” in voluntary staff departures that has surprised firms, the FT said.
Non-British nationals on visas sponsored by PwC, who are more expensive to keep on the payroll than their UK counterparts, were among those made redundant, according to the FT.
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