Hundreds of jobs axed with PwC to 'simplify' business

PwC Australia CEO Kevin Burrowes said it was part of an effort to realign the firm's business into an "optimal structure".

"This has been a very challenging and complex process, but an important one," he said in a statement on Wednesday.

"At its heart, this reorganisation will make the firm a more simplified, efficient and centre-led business, enabling us to continue delivering the highest quality of service to our corporate and private sector clients."

PwC will also combine business units and reconfigure its top brass to include a chief information officer and chief financial officer.

Those made redundant will be contacted and, where possible, invited to apply for new roles created by the structural changes.

Despite this, the company will continue to hire new employees and is slated to appoint new partners on July 1.

"We acknowledge that days like today are especially difficult for those affected, as well as their teams and colleagues," Mr Burrowes said.

"I'm extremely proud of the contribution every individual at PwC Australia makes to this firm and their ongoing commitment to producing exceptional results for our clients."

Over the last year, most of the Big Four consultants have announced redundancies due to broader economic slowdowns.

KPMG has cut more than 300 staff since February 2023, EY shed 232 in November and Deloitte has axed a few dozen.

PwC already dropped more than 300 jobs in November after Westpac ended its partnership with the company.

In January 2023, former PwC tax partner Peter-John Collins was revealed to have passed on confidential Treasury information to boost private sector business for the firm.

The company has since been the subject of investigations by the Tax Practitioners Board and Australian Federal Police.

In June, PwC sold off its government consulting business for $1 to a private equity fund and a month later, eight partners were let go including former CEO Tom Seymour.