PwC to Lay Off Eight Percent of Workforce | AccountingWEB

PwC to Lay Off Eight Percent of Workforce

Remember when the term "lay off" meant a temporary hiatus, and eventually you would get your job back? Those days are gone. Get laid off today and you're looking for a new job. That's what is about to happen to approximately 750 to 1,000 consultancy workers at U.S. offices of PricewaterhouseCoopers, the world's largest accounting and consultancy practice, as the firm strives to respond to an economic downturn.

The news of the firings came to PwC employees in an e-mail message, which explained that the current economic climate was responsible for a slowing down of planned consultancy services. "The impact of a softening economy is hitting our clients hard," said the e-mail, which was written by the head of the firm's Midwest business unit, who was not identified.

The e-mail message explained that employees selected for lay offs would be "counseled out" later this month.

Wait, there's more!
There's always more at AccountingWEB. We're an active community of financial professionals and journalists who strive to bring you valuable content every day. If you'd like, let us know your interests and we'll send you a few articles every week either in taxation, practice excellence, or just our most popular stories from that week. It's free to sign up and to be a part of our community.
Premium content is currently locked

Editor's Choice

WHAT KIND OF FIRM ARE YOU?
As part of our continued effort to provide valuable resources and insight to our subscribers, we're conducting this brief survey to learn more about your personal experiences in the accounting profession. We will be giving away five $50 Amazon gift cards, and a $250 Amazon gift card to one lucky participant.
This is strictly for internal use and data will not be sold
or shared with any third parties.