PwC To Cut UK Audit Jobs, Scale Back Pay Raises
PricewaterhouseCoopers (PwC) is planning to lay off approximately 175 junior auditors in the UK and reduce salary increases across its workforce as the professional services sector grapples with a cooling market, Bloomberg reported quoting The Financial Times (FT) .
According to the report, employees were informed they would receive a 2.5% salary hike starting in July, down from last year's 3%, as the firm responds to waning demand for some services and a notable drop in staff turnover. The unexpectedly low attrition has added pressure on firms to rebalance staffing levels.
Sources told the FT that non-UK nationals on company-sponsored visas, who typically incur higher employment costs, were disproportionately affected by the cuts.
The move signals heightened caution within the professional services industry, as firms adapt to a slowdown in client spending and broader economic headwinds. PwC has yet to issue a public statement on the reported changes. Related
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PwC To Cut UK Audit Jobs, Scale Back Pay Raises
PricewaterhouseCoopers (PwC) is planning to lay off approximately 175 junior auditors in the UK and reduce salary increases across its workforce as the professional services sector grapples with a cooling market, Bloomberg reported quoting The Financial Times (FT) . According to the report, employees were informed they would receive a 2.5% salary hike starting in July, down from last year's 3%, as the firm responds to waning demand for some services and a notable drop in staff turnover. The unexpectedly low attrition has added pressure on firms to rebalance staffing levels. Sources told the FT that non-UK nationals on company-sponsored visas, who typically incur higher employment costs, were disproportionately affected by the cuts. The move signals heightened caution within the professional services industry, as firms adapt to a slowdown in client spending and broader economic headwinds. PwC has yet to issue a public statement on the reported changes. Related
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How window shopping will shape EPL's Big Six
Gazing at the Club World Cup (CWC) or peering through the transfer window? Either way, fans have had plenty to keep entertained. It's been over a month since the EPL season ended, and less than two before the new one starts. A stop-start window has been open for just three weeks in total, yet the Big Six have already coughed up £600 million. Half of it has been spent by Liverpool and Manchester City, with Chelsea a sluggish – for them – third at a mere £100m. Until yesterday, it was effectively only the Big Five as Arsenal were still fiddling with the latch. Finding it as hard to sign a striker as to lift a trophy, the Gunners have a new football director in Andrea Beti who likes to line up all his ducks before taking aim. Long-suffering Gooners had their hopes fleetingly raised when news broke of a Brentford player joining. Alas, it was neither Bryan Mbuemo nor Yoane Wissa, but another defensive midfielder. No disrespect to Christian Norgaard, but a 31-year-old defensive midfielder for £10m was not what the North Bank is looking for. It might be a prudent move as Thomas Partey seems to be in the exit zone, but the need is for a S-T-R-I-K-E-R and it is getting desperate. Real Madrid's Rodrygo is the latest to be linked, but will the Kroenkes meet the €90m (£76m) asking price for the Brazilian? They paid £106m for Declan Rice so what's stopping them? Now that Liverpool has been linked with Victor Gyokores and Benjamin Sesko is deemed too expensive, few alternatives remain. Another inquiry about Ollie Watkins? Darwin Nunez? Mikel Arteta might as well ask Thierry Henry if he still fancies it. If Arsenal are serious about rising one place in the table, they must bite the bullet and get Rodrygo. With 119 goal contributions in 268 appearances for Los Blancos, the silky Brazilian is just 24 and has won everything at club level. At £76m, he's a bargain. Martin Zubimendi is said to be in London to finalise his move from Real Sociedad and they've looked at Anthony Gordon after Bayern inquired about Gabriel Martinelli. But having all that quality in the middle of the park is no good if you can't put the ball in the net. You'd think they'd know by now. The claim that Liverpool could spend another £200m without worrying about PSR – according to the Liverpool Echo – is sure to scare rivals. It seems unlikely that owners Fenway Sports Group would go that far, which would even bring £150m Alexander Isak into range, and they could use a striker. However, the Reds may conclude that the cheaper Swede offers better value at half the price. Liverpool also needs a centre-back with Jarrell Quansah headed for Bayer Leverkusen, while Ibrahima Konate is unhappy with the new deal offered. They're also likely to raise north of £100m from offloads with Nunez, perhaps Andy Robertson or Kostas Tsimikas, Ben Doak, Federico Chiesa, besides Quansah and Caoimhin Kelleher, who has already left for Brentford. Harvey Elliott might still be among them, but his stunning efforts, including four goals, in helping England to the European U21s final, may give Slot pause for thought. With newcomers Florian Wirtz, Jeremy Frimpong and Milos Kerkez already on board, the champions are the team to beat. Manchester City may disagree with no less than eight signings since January. With a decision on the 115 charges looming mid-season, they brought in four players, headlined by Omar Marmoush from Eintracht Frankfurt, for a total of £142m. Egypt's Marmoush is everything Erling Haaland isn't as a striker and could find himself preferred to the Norwegian if he maintains last season's form. With the verdict still awaited, they added four more recruits this month and have Rodri and Oscar Bobb returning to fitness. City fans may not recognise their team when the new season starts. As bullish about the CWC as they are about the verdict, they seem in a hurry to prove a point. And they even like the CWC. If they suffer no punishment in the legal case, they will be contenders once again. Chelsea's headline signing is Liam Delap for just £30m from Ipswich but there will be more to come. And by advancing from the group stage, have already paid for the striker with obscene prize money. Manchester United appear acutely aware that a lack of goals is a big problem by paying the £62.5m release clause fee for Matheus Cunha. They're also chasing Mbuemo but, you have to ask if they've done their due diligence on the Brazilian. Cunha is a well-known maverick with a quick temper and selfish streak, the very characteristics that are causing them to offload Alessandro Garnacho. They need some good sales to ensure they can keep paying out big bucks for new recruits, but wantaways are not that easy to shift as Jadon Sancho and Marcus Rashford are showing. Removing perceived bad apples may not be enough if Ruben Amorim fails to forge a cohesive unit. Unless there's a notable improvement, you wonder how long the Portuguese can last. The other great under-performers from last season decided it was the manager who had to go. Spurs got rid of Ange Postecoglou despite the Aussie ending their trophy drought. Replacement Thomas Frank has done a great job at Brentford on a low budget and having his best players plucked by the big boys whenever they shine. But a sign that Spurs will be tightening the defence and going for youth can be seen in their new additions. Japan's Kota Takai, Croatia's Luka Vuskovic and Austrian Kevin Danso, whose loan was converted, you have a trio of centre-backs. And add the former duo to Archie Gray, 19, Wilson Odobert, 20, Lucas Bergvall, 19, Antonin Kinsky, 22, Yang Min-hyeok, 19, and Mathys Tel, 20, you have an exciting and youthful core of players. Frank, the cool-headed father figure, could just be the man to lead them to greater things. By the time Liverpool kick the season off at home to Bournemouth on August 15, some teams will be barely recognisable. It promises to be quite a battle and an awful lot of cash will be spent before it even starts. Keep your eyes on that window! The views expressed are those of the writer and do not necessarily reflect those of FMT.
