PwC Australia is readying for more job cuts. About 329 addition roles will be axed as part of restructuring exercise. About five per cent of the workforce will be impacted, with 37 partners gearing to retire by the end of 2024. Axing of about 338 roles was announced last November. The recent additional layoffs, it is hoped, will help to ensure that the business structure is in alignment with the new strategy for the firm in the long run.
The company has assured its support to the affected employees. Opportunity will be given to the impacted staff members to apply for new positions that emerge from the restructuring.
This is just one of the few changes that are happening at PwC Australia ever since it was disrupted by a scandal in January 2023. It had come to light that the financial services firm was leaking confidential information pertaining to the government in order to bag new business. Its partners had been accused of sharing sensitive data pertaining to the commencement date of a new tax law that would significant impact multinational firms, including Google. The company had reportedly been following wrong practices for years. With the scandal tarnishing the image of PwC Australia, many executives were sacked, including the CEO. The firm’s profitable government consulting practice was passed on to Allegro Funds, a private-equity company, for a
PwC Australia sacked a string of executives, including CEO Tom Seymour, and offloaded its lucrative Australian government advisory business for a mere $0.63 to safeguard contracts from the repercussions of the scandal. As a result of this offloading, a new firm called Scyne Advisory came into being.
However, as part of a reformation exercise, PwC Australia was to appoint a new external chief risk officer, rehaul the firm’s culture and link the pay of partners with ethical behaviour. The firm will continue to hire and focus on growth.
