New Delhi: PwC is reducing its workforce across its operations in China because many corporate clients are leaving, reported Bloomberg. This has negatively impacted the accounting firm’s revenue outlook in the region.
According to the report, it claims that PwC China is laying off at least 100 employees from various teams in offices located in Beijing, Shanghai, and other locations. The report also mentioned that more than half of one team has been affected by the layoffs although the total number of cuts across the firm was not immediately confirmed. (Also Read: Budget 2024: Government Employees’ Union Presents Demands Ahead of July 19 Protest)
“In light of changes to the external environment, we are making some adjustments to better optimize our organizational structure to align with market demand,” a spokesperson from PwC informed Bloomberg. (Also Read: ITR Filing 2024: Step-by-Step Guide To File Income Tax Returns And Choose Right ITR Form)
The spokesperson further added “These adjustments are a difficult decision. We are actively communicating with our people and will ensure that the plan is in compliance with all relevant labor laws in China,”.
Previously, concerns over regulatory penalties and the departure of Chinese corporate clients caused significant anxiety among PwC China employees which led some to explore other career opportunities.