Britain’s biggest accountancy firm has axed jobs as an economic downturn saw it clock up its weakest rate of growth for 16 years.
PwC said it faced ‘a challenging backdrop’ and has made ‘the tough decision to reduce roles in some areas’. It did not reveal how many jobs have been cut.
The update came as annual revenues in the UK business, which also takes in the Middle East, rose by just 0.4 per cent to £6.35billion last year.
That was the slowest rate of growth since 2009, in the wake of the financial crisis, and compares with expansion of 9 per cent to 16 per cent over the previous three years.
But having made the job cuts to save money, profits rose 20 per cent to £1.37billion, and the average pay for the firm’s partners rose to £865,000 from £862,000.
PwC managing partner Marco Amitrano said: ‘Against a challenging macro backdrop, we’ve shown resilience and taken decisive steps to position our business for sustainable growth.’
Job cuts: Britain’s biggest accountancy firm PwC said it faced ‘a challenging backdrop’ and had made ‘the tough decision to reduce roles in some areas’
PwC said its tax business boosted revenues by 6 per cent. But revenues fell 3 per cent at its consulting arm as a slowdown in the economy hit demand.
PwC, which has more than 25,000 staff in the UK and more than 370,000 worldwide, said it expects to bounce back.
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