PwC Layoffs Signal Uncertainty as Firms Take Stock of Economy

The latest layoffs for PwC’s US workforce likely mark just the beginning of cuts at the Big Four firms as they grapple with economic uncertainty, low turnover, and competition from smaller private-equity backed firms.

Beyond shedding roughly 2% of its workforce—1,500 jobs mostly in its tax and assurance staff—PwC plans to slow down its campus recruiting and will offer internships to a smaller cohort for next year. The reductions are meant to align the firm’s 75,000 employees with market needs, said a person familiar with the firm’s actions.

PwC is “positioned for the future, to meet the needs of ...