© Reuters. FILE PHOTO: PwC sign is seen in the lobby of their offices in Barangaroo, Australia June 22, 2023. REUTERS/Lewis Jackson/File Photo
SYDNEY (Reuters) – PwC Australia on Wednesday said it would cut an additional 329 jobs, part of a major restructuring that follows a national scandal in which a former partner leaked government tax plans.
The headcount reduction is equivalent to about 5% of staff and up to 37 partners will be accelerating their retirement over the next nine months.
“This has been a very challenging and complex process, but an important one, as we realign our business structure with our new long-term strategy,” PwC Australia CEO Kevin Burrowes said in a statement.
The job cuts come on top of 338 announced in November. Since the scandal broke in January 2023, PwC has also spun off its government consulting practice to private equity firm Allegro Funds for A$1. About 1,400 PwC Australia staff moved over to the new firm which was renamed Scyne Advisory.
PwC, one of the world’s “big four” consultancy and auditing firms, said that where possible people who had lost their jobs will be invited to apply for new roles created by the changes. There will be no freeze on hiring and new partners will be appointed in July, it added.
The company has been under fire after revelations that a former partner leaked government tax plans and used them to win work with global companies looking to restructure their Australian tax affairs.
