PwC Plans Cuts, Lower Pay Rises on Tougher Market Conditions: FT

PricewaterhouseCoopers LLP is planning layoffs in the UK and lower salary increases amid a broader market slowdown, the Financial Times reports.

PwC intends to cut around 175 junior auditors by August and told its UK staff they would receive a 2.5% pay rise from July, less than the 3% last year, according to the FT, citing unidentified people familiar with the matter.

The move comes as the sector contends with weaker demand for some professional services and a “sharp decline” in voluntary staff departures that has surprised firms, the FT said.

Non-British nationals on visas sponsored by PwC, who are ...