PwC’s financial advisory and consulting business, and its support function, will have 400 jobs cut due to COVID-19.
According to news reports, PwC told staff on Wednesday that it would cut 5% of its 8,000 workforce and would include partner retirements and staff redundancies.
The Australian Financial Review said PwC wanted to have the restructure and redundancies completed by the end of July.
PwC chief executive, Tom Seymour, told the AFR that revenue had fallen by over 15% in April and May with only compliance and audit work on track.
The announcement came two weeks ahead of the end of the firm’s reduced working week program.
The program, that started in mid-April, included pay and hours for staff cut by up to 40%, most staff cut to four days at 80% pay, some staff cut to three days at 60% pay, deferred pay rises and bonuses and a halving of the graduate intake.
For partners, the program included an annual income cut by 30% to 40%, partner admissions deferred until 2021, and deferred pay rises and bonuses.
The program aimed to protect jobs and avoid redundancies.