PwC Australia sacks 366 staff as part of a major restructure

PwC Australia will make 366 employees redundant, with the firm announcing it would slash 329 staff and up to 37 partners.

Those affected by the cuts will be contacted ‘in the coming days’ with the firm noting they would be invited to apply for new roles. 

PwC Australia chief executive Kevin Burrowes said the restructuring process had been ‘complex’ and ‘very challenging’. 

‘We acknowledge that days like today are especially difficult for those affected, as well as their teams and colleagues,’ he said in a statement. 

‘I can assure you that we will work closely with impacted individuals to ensure they are aware of their options and next steps.

‘At its heart, this reorganisation will make the firm a more simplified, efficient and centre-led business, enabling us to continue delivering the highest quality of service to our corporate and private sector clients.’

The management restructure is reportedly to ensure the business model is simplified in the wake of a controversial year in business. 

PwC’s tax practice was discovered to have misused confidential government briefings to assist clients bend the impending tax laws.

PwC Australia will make 366 employees redundant, with the firm announcing it would slash 329 staff and up to 37 partners (pictured, the PwC offices in Melbourne)

PwC Australia chief executive Kevin Burrowes (pictured in February) said the restructuring process had been ‘complex’ and ‘very challenging’

PwC was forced to sell its government consultancy business – valued at up to $1billion – for $1 last year.

Almost 350 jobs were also slashed late last year, with several partners also entering early retirement.

PwC’s chief operating officer Liza Maimone, among other senior leaders, announced her retirement on Tuesday after 16 years with the firm. 

The company delayed appointing new partners last October and offered new employees $10,000 to push their start time back by a year. 

PwC’s Skilled Services Hub in Adelaide was also closed as part of the restructure, axing 141 jobs as a result.

The firm has also recently lost several clients, including Westpac which dumped PwC as its external auditors after a 20-year partnership in November. 

The company will still pursue its graduate program for new starters. 

A PwC spokesperson said proactive steps would be taken to reorganise and reshape areas of the firm to ensure a simplified and efficient structure. 

‘As a result, the firm will make 329 roles redundant and up to 37 partners will be accelerating their retirement over the next nine months. These changes will affect all lines of service and support functions. 

‘In addition, the firm is reconfiguring its Management Leadership Team (MLT) to add a Chief Information Officer (CIO) and Chief Financial Officer (CFO). This will reduce layers and simplify the leadership team, as well as bring closer alignment to the firm’s technology and finance functions.’

More to come