PwC lays off nearly 1,500 staff in US amid business review: Report
United States
, according to a report by the Financial Times (FT). The job cuts impact around 2% of the firm's 75,000-strong US workforce and follow a months-long review of its operations.
#Operation Sindoor
India-Pakistan Clash Live Updates| Pak moving troops to border areas? All that's happening
Why India chose to abstain instead of 'No Vote' against IMF billion-dollar funding to Pakistan
How Pak's jihadi general Munir became trapped in his own vice
Citing people familiar with the matter, the report said that most of the affected roles were in the audit and tax divisions. PwC had earlier moved hundreds of employees from slower business areas to faster-growing functions as part of an internal reshuffle.
Impacted staff were informed earlier this week on Monday (May 5) and Tuesday (May 6), the report said. Many received Microsoft Teams meeting invitations marked 'time sensitive,' according to the publication.
A significant number of those laid off had joined the firm only recently. One employee who started in September told FT they were 'devastated.' 'Everyone was completely blindsided by the lay-offs today,' the person said.
Another staff member told the publication, 'Some of us were up for promotion, but instead of a promotion and a pay bump, we're now getting cut off.'
The firm is also trimming its campus recruitment efforts due to lower attrition rates, though it will honour existing offers made to last year's interns scheduled to join later in 2025, the report said.
Discover the stories of your interest
Blockchain
5 Stories
Cyber-safety
7 Stories
Fintech
9 Stories
E-comm
9 Stories
ML
8 Stories
Edtech
6 Stories
'This was a difficult decision, and we made it with care, thoughtfulness and a deep awareness of its impact on our people, appreciating that historically low levels of attrition over consecutive years have made it necessary to take this step,' the company said in a statement.
PwC is the latest among professional services and technology firms to downsize in response to shifting business needs and market conditions. Tech companies, too, continue to reduce headcount as they recalibrate operations and investments, especially in artificial intelligence (AI).
Google recently laid off 200 employees
in its global business organisation, which handles sales and partnerships.
According to layoff tracker Trueup,
284 rounds of layoffs have taken place in the technology sector
so far in 2025, affecting 53,399 workers. In 2024, nearly 2.4 lakh tech employees lost their jobs across 1,115 rounds of layoffs.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India Today
an hour ago
- India Today
US tariff impact will be temporary, private sector should step up: Chief economist
Chief Economic Advisor V Anantha Nageswaran on Wednesday said US tariffs-related challenges will dissipate in the next one or two quarters, and urged the private sector to do more as the country navigates through other longer-term attributed the growth slowdown in FY25, which saw a deceleration to 6.5 per cent from FY24's 9.2 per cent, to tight credit conditions and liquidity issues. The right agriculture policies can add 25 per cent to real GDP growth, Nageswaran the US tariffs, the CEA said it is the second and third order impacts, which will flow once sectors like gems and jewellery, shrimps and textiles have taken the first order brunt, that will be "more difficult" to tackle. The government is aware of the situation and conversations with the impacted sectors have already begun, Nageswaran said, adding that one will hear from the policymakers in the coming days and weeks, but people have to be speculation on whether US officials will visit India for trade talks later this month as reported, Nageswaran said the upcoming meet in Alaska between US President Donald Trump and his Russian counterpart Vladmir Putin is likely to influence the to spell out any details on the trade negotiations between India and the US, the academic-turned-advisor said things are very fluid at the world stage right now with relations swinging from cooperation to stalemate, and spelled out his expectation of the impact of a 50 per cent US tariff on Indian exports."I do believe that the current situation will ease out in a quarter or two. I don't think that from a long-term picture, the India impact will be that significant but in the short run, there will be some impact," he said no one can guess the exact reasons why President Donald Trump chose to slap the high tariffs on India, wondering if it's the fallout of Operation Sindoor or something even more the CEA said the focus on tariff-related issues should not blind us to more "important challenges", including the impact of artificial intelligence, reliance on one country for critical minerals, and their processing and strengthening of supply exhorted the private sector to do more "as we navigate these longer-term challenges, promising that public policy will play the facilitator's role"."Private sector also has a lot of thinking to do, given the massive strategic challenges we face in the coming years... the private sector also has to think about the long-term rather than the next quarter, which is what might have led to many of the challenges we are currently beginning to face," he said in the comments aimed at India however, did not elaborate on the subject any that the government has allocated money towards the research purposes, he said it is now for the private sector to up their investments in the Indian youth is staring at both physical and health issues arising from excess screen use, consumption of ultra-processed food, etc, which is leading to anxieties and even suicidal thoughts among people, the CEA said, seeking the private sector's help to tackle the welcomed the capital expenditure put in by the private sector in FY26 and data to be released in February next year will attest to the consumption story is "quite healthy", the CEA said, pointing to the data on UPI usage. Specifically on urban consumption, he rued that there is no proper data source to capture services consumption, and added that drawing from listed companies' earnings may also not be the right measure as consumption is moving to the unlisted overall resource mobilisation in the economy is not showing any slackening, the CEA said, asking all to look at banks credit growth, commercial paper issuances, and IPO fundraising China, Nageswaran said "we also need to understand the security dimension and look at the USD 100 billion trade deficit beyond just the number". As a solution, there is a need to diversify the sources of imports and the CEA stressed that the private sector will have a role to play naming China, he said only one country supplies critical minerals, which are essential for semiconductors, artificial intelligence tech, and added that the supply is "critically unstable"."We cannot go from crude oil import dependence to critical minerals and ladders import dependence. Understand that crude oil (sources) at least is more diversified," he said."Indian policy-makers must choose between accepting permanent strategic dependence on adversaries or committing the resources necessary for genuine support to independence," Nageswaran that AI will cause labour displacement, Nageswaran pitched for caution in AI adoption and added that "we will have to choose the areas in which we allow AI to be deployed and harnessed, and also the speed with which we do so".There is a need to create at least 80 lakh new jobs per annum in the next 10–12 years, he added.(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)- EndsMust Watch
Time of India
2 hours ago
- Time of India
US-Pakistan ties may impact stability in Afghanistan
Pakistan-US counterterrorism cooperation could extend to Afghanistan, impacting stability of the Taliban regime in the country as well as of several neighbouring nations, experts said, citing lukewarm ties between the Pakistan Army and the Afghan government. India will be closely watching developments in Afghanistan, they said, especially since the Taliban regime has warmed up to India over the past year and has sought assistance in development projects and the health sector. Finance Value and Valuation Masterclass - Batch 4 By CA Himanshu Jain View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program Finance Value and Valuation Masterclass - Batch 3 By CA Himanshu Jain View Program Artificial Intelligence AI For Business Professionals By Vaibhav Sisinity View Program Finance Value and Valuation Masterclass - Batch 2 By CA Himanshu Jain View Program Finance Value and Valuation Masterclass Batch-1 By CA Himanshu Jain View Program The Taliban regime condemned the April 22 Pahalgam terrorist attack, taking the Pakistan government as well as army by surprise, according to the experts. Subsequently, Pakistan launched an effort to improve ties with Afghanistan, they said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Join new Free to Play WWII MMO War Thunder War Thunder Play Now Undo This week, the United States praised Pakistan's role in curbing terrorist groups both regionally and globally. On Tuesday, both countries issued a joint statement after the Pakistan-US Counter-Terrorism Dialogue in Islamabad where they reaffirmed their "commitment to combating terrorism in all its forms and manifestations". Pakistan and the US have agreed to deepen bilateral cooperation to tackle groups including the Balochistan Liberation Army and Tehrik-e-Taliban Pakistan . The US applauded Pakistan's "continued successes in containing terrorist entities that pose a threat to the peace and security of the region and the world". Live Events
News18
2 hours ago
- News18
US is now Tariff King of the world: Former diplomat Vikas Swarup
New Delhi [India], August 14 (ANI): Noting that India has done the 'right thing" by not caving in to the Trump administration's pressure in trade talks to provide more access to the country's agriculture and dairy sectors, former diplomat Vikas Swarup has said 'the US called India a 'Tariff King' but now the 'Tariff King' in the world is the United States".In an interview with ANI, Vikas Swarup, who is a former High Commissioner to Canada, said steps being taken by the US President Donald Trump will eventually lead to ratcheting up inflation in America. 'US called India a 'Tariff King'. But now the 'Tariff King' in the world is the United States because our average tariff is about 15.98%. The US tariff today is 18.4%. So, it is now the 'Tariff King' of the world. But the fact is, tariffs are bringing in money. They will bring in about a 100 billion dollars a year for the US. But the issue is that eventually who will pay for these tariffs? By American consumers. So, what's going to happen is this is going to ratchet up inflation in America, it's going to ratchet up prices in America. I think that's when the chickens will come home to roost," he said.'If you cave in to a bully then the bully will increase his demands. Then there will be even more demands. So, I think we have done the right thing. India is too large, too proud a country to become a camp follower of any other country. Our strategic autonomy has been the bedrock of our foreign policy right from the 1950s. I don't think that any Govt in Delhi can compromise on that," says former diplomat Vikas Swarup on the tariff rift between India and the US," he added. President Trump announced 25 per cent tariffs on Indian goods plus an unspecified penalty in July, even as there were hopes of an interim India-US trade deal that would have otherwise helped avoid elevated tariffs. A few days later, he imposed another 25 per cent tariff, taking the total to 50 per cent, over India's imports of Russian Opposition questioning India's Foreign Policy and diplomacy, Vikas Swarup said India should not cave in to any pressure as India's strategic autonomy is non-negotiable'Here, I would not blame our diplomats at all. I think what has happened is Pakistan, through some intermediaries, has gotten the ear of the US President and that is why, two visits by Asim Munir to Washington, the so-called 'deal" with America on so-called 'oil reserves" of Pakistan. More importantly, I think Pakistan is now trying to position itself as the 'Crypto King' of South Asia and there, through World Liberty Financial in which Trump's family has stakes, Steve Witkoff's family has a stake, through that I think Pakistan has managed to project an image of itself as a reliable partner…All these things have led to Trump having a softer approach towards Pakistan," he said. 'But that does not mean that he has given up on India or that India is now an adversary for him. I think this is part of his pressure tactics to secure a more favourable deal. India should not cave in because our strategic autonomy is non-negotiable," he Swarup, a noted author, said Trump has made no secret of his longing for the Nobel Peace Prize and while he is a dealmaker, he has now made it his USP that he is the peacemaker.'On 50% tariffs imposed by the US on India, former diplomat Vikas Swarup says, 'Trump is a dealmaker and he has now made it his USP that he is the peacemaker. Look at the number of conflict situations that he has mediated in, whether it is Thailand and Combodia, Rawanda and Democratic Republic of Congo, Armenia and Azerbaijan; he has injected himself into each of those. He feels that the biggest one of these was the India and Pakistan one because these two are nuclear powers," Vikas Swarup said. 'So, from that point of view, Trump feels that he deserves credit and Obama is the only Amercian President to have got the Nobel Peace Prize. Trump really wants to do one better than Obama, and that is why, I think, he has made no secret of his longing for that Nobel Peace Prize. He is hoping that if he could not get it for these, if he has able to bring about a ceasefire between Russia and Ukraine, then that might be his ticket to the Nobel Peace Prize," he former diplomat said that there is a need to look at the US' relationship with Pakistan through a different lens from the US' relationship with India. 'I think the relationship with Pakistan right now is a very tactical one and is a short-term one, primarily motivated by the financial gain that the Trump family and Witkoff family hope to make from the cryptocurrency assets in Pakistan. With India, I think, the relationship is much more strategic. It is not so transactional as it is with Pakistan. That is why I personally feel that it is a passing phase. I call it a storm, not a rupture. You just have to wait out the storms. All storms eventually pass," he said there are three reasons US President Donald Trump has imposed 50 per cent tariffs on Indian goods including his 'being miffed that India has not acknowledged his role" in cessation of hostilities with Pakistan following Operation Sindoor, former diplomat Vikas Swarup has said, noting that if there is positive outcome of Alaska talks, Russia sanctions will be off the table.'We have to understand why these tariffs have been imposed. I personally feel that there are three reasons. One, Trump is not happy with India because we are a member of BRICS and somehow, in his head, he has got this notion that BRICS is an anti-America alliance which is hell-bent on creating an alternative currency to the dollar. So, because of that, he feels that India should not be a member of the BRICS. Two, Operation Sindoor and his so-called role in bringing about the ceasefire," Vikas Swarup said.'We have been saying right from the beginning that Trump had no role because we do not accept external mediation. This ceasefire was mediated directly between the DGMOs of Pakistan and India at the request of the DGMO of Pakistan. Trump has now said almost 30 times that it was he who got the two countries to stop back from the brink, who stopped a nuclear conflagration in the subcontinent. So, obviously he is miffed that India has not acknowledged his role, whereas Pakistan has not only acknowledged his role but has even nominated him for a Nobel Peace Prize," he to Bilateral Trade Agreement (BTA) talks between India and US, Vikas Swarup said Trump is resorting to pressure tactics to get India to sign on his maximalist demands.'…This is part of his pressure tactics to get India to sign on the dotted line on the maximalist demands that the US is making with regard to access to our dairy and agriculture and GM Crops. We have not caved in and it is also in a way a signal to Russia because he is also frustrated that he has not been able to get President Putin to agree to the ceasefire that Zelenskyy has agreed to," he Swarup referred to the summit meeting between President Trump and President Putin in Alaska on August 15 over the Ukraine conflict.'Now they are meeting in Alaska on 15th August. If there is a positive outcome of the Alaska talks then I am 100% sure that the Russia sanctions will be off the table because Putin is not going to accept a ceasefire and yet be saddled with economic sanctions," he and the US initiated talks for a just, balanced, and mutually beneficial Bilateral Trade Agreement (BTA) in March this year, aiming to complete the first stage of the Agreement by October-November April 2, 2025, President Trump signed an executive order for reciprocal tariffs on various trade partners, imposing varied tariffs in the range of 10-50 per subsequently kept the tariffs in abeyance for 90 days, while imposing a 10 per cent baseline tariff. The deadline was to end on July 9, and the US administration later pushed it to August the ongoing Monsoon session of Parliament, Commerce and Industry Minister Piyush Goyal made a statement in both Houses, affirming that the government is examining the impact of tariffs and will take all necessary steps to safeguard the national interest. (ANI)
