PwC Australia cuts jobs in wake of tax leak scandal – ETHRWorldSEA

by Admin
March 13, 2024

Consulting giant PwC Australia said Wednesday it would slash more than 300 roles as part of a restructuring following a tax leak scandal that plunged the company into turmoil.

The firm was rocked in January last year when it emerged staff had shared information from a confidential government tax briefing to drum up new business.

The scandal sparked a slew of official investigations, forced a string of executives out of the company, and prompted a nationwide crackdown on tax advisors.

PwC Australia — one of the Big Four accounting firms — said 329 staff would be made redundant in the next nine months, while 37 partners would be retiring.

The layoffs account for about five percent of its Australian workforce.

“These changes are being implemented to achieve the optimal structure for our firm moving forward,” the company said in a statement.

PwC Australia chief executive Kevin Burrowes said the decision had been challenging.

“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,” he said.

The latest cuts follow the sacking of 340 staff in November.

PwC Australia has previously admitted that it suffered from “poor decision making” and that “aggressive behaviour” in parts of the business allowed “profit to be placed over purpose”.

lec/sft/dan