Another round of layoffs at PwC...
How accurate are these rumors?
Aug 10, 2016
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I was laid off in February from PwC FSA (NYC office), and the talk then was they were stacking the lay offs to make it look like it was that bad.
Layoffs are not uncommon after performance reviews... However, I did hear that they raised the minimum standards for performance this year, so that may translate into 'strategic layoffs'
When I was laid off I was told it was not performance related seeing how all my "snapshots" (project reviews) were "at level" or "next level"
Yep, got nailed myself. True.
Very true. Start dates have been pushed back. Layoffs in advisory and transactions services. Heard rumors of audit layoffs as well, but don't know anyone personally. Headcount got too big and salaries were up yoy. Dallas and Houston for PwC. Most of these groups are recognizing that the "partner track" is no longer plausible. Moving to the managing director path and no equity in the business. Still a fine place to get two years of experience and move on to something else...if you don't get laid off or if your start date actually occurs.
Interesting, btw is assurance at PwC basically their risk management?
Assurance is a lot of things, mainly audit. Risk assurance is a relatively small practice. They focus on internal controls and some internal audit related projects. I don't think this applies to them because they did not increase their headcount as drastically as some of the other groups.
Assurance is a lot of things, mainly audit. Risk assurance is a relatively small practice. They focus on internal controls and some internal audit related projects. I don't think this applies to them because they did not increase their headcount as drastically as some of the other groups.
Hey man. Would you recommend CMAAS right now for PwC in Dallas/Houston? The more I read online the more volatile it seems PwC's advisory practices are relative to other Big 4. Is that an accurate assessment.
No, I would not. There are better places to work. I would recommend Houston over Dallas. The Dallas CMAAS group has a very poor culture/ leadership team.
Rumors of layoffs have been going on for quite some time. My professors have discussed this recently too. Less demand, due to elections. Give it some time, and it'll pick up shortly.
Could be the election, not sure. The main issue is that PwC increased salaries considerably last year. Other issues are advisory work being cut by companies (since companies are trying to squeeze out costs due to slow revenue growth) and a significant amount of fee compression on new contracts that PwC signs. Rate per hour is extremely aggressive on the old contracts and companies are better able to negotiate now. I think you will see a lot more "performance related" layoffs until the overhead and revenue align with company goals.
I think it's because most banks are under pressure and reducing their dependence on consulting.
goodbye looters, goodbye.
Over the last 3 years, PwC Advisory budgeted growth of 30%,30%, andf 20%. Somehow managed to hit the two 30% targets, but came in at 12% for FYE June 30 2016. PwC had hired in anticipation of growth of 20%, had to cut HC to get fixed costs in line with reality of the business. Strategy& integration not going well - S& rates 40% higher than PwC Advisory, and the market is not accepting rate hikes of PwC staff moved to Strategy&. In general clients want to pay historic PwC rates for Strategy& services b/c they see S& as part of PwC and governed by existing master service agreements. To top it off, PwC Advisory really is a house divided, with separate factions based on legacy groups of PRTM, Booz, and long-time PwC.
True. Got nailed
For the folks who got laid off, what are you doing now? Any difficulty on finding another consulting gig?
I am finding interest in the market. with plenty of equivalent opportunities to what I had at PwC. The interview process is moving slowly as expected for a summer search, but I have a few more interviews scheduled each week. At some point one or more of these will turn into an acceptable offer.
keep us updated
WSO,
I'm hearing whispers from LinkedIn contacts and alike that PwC is headed for another round of layoffs just want to hear ppls thoughts?
I haven't heard of anything
I was told Advisory didnt hit numbers this year hence they are cutting staff
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