PwC Enters New Phase of Layoffs
In addition to the layoffs, PwC has plans to reduce base compensation five to 10 percent for junior consultants and partners. Continuing a trend that began earlier this year, the firm will once again defer start dates for new hires who were expecting to begin their careers with the Big Five firm this fall.
In an interview with The New York Times, Mike Collins, managing partner of PwC's North American consulting group, said, "Unfortunately, the costs of consulting have grown as a result of the strong economy of recent years, and have not yet been reset to reflect the current environment. We're basically doing the same thing we would tell our clients to do."