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.


Already a member? log in here.

Upcoming CPE Webinars

Aug 21
Meet budgets and client expectations using project management skills geared toward the unique challenges faced by CPAs. Kristen Rampe will share how knowing the keys to structuring and executing a successful project can make the difference between success and repeated failures.
Aug 26
This webcast will include discussions of recently issued, commonly-applicable Accounting Standards Updates for non-public, non-governmental entities.
Aug 28
Excel spreadsheets are often akin to the American Wild West, where users can input anything they want into any worksheet cell. Excel's Data Validation feature allows you to restrict user inputs to selected choices, but there are many nuances to the feature that often trip users up.
Sep 9
In this session we'll discuss the types of technologies and their uses in a small accounting firm office.