PWC Australia has begun a round of job cuts that will reduce headcount by more than 300 staff, part of a broader restructure at the embattled firm that is attempting to lower costs.

The consultancy will make 329 roles redundant, while as many as 37 partners will be accelerating their retirement over the next nine months, according to a statement on Wednesday (Mar 13). The reductions will hit all lines of service and support functions, PwC said. The firm is also reconfiguring its management leadership team to add a chief information officer and chief financial officer, it said.

The reductions comprise some 5 per cent of its 7,200 staff – part of changes that the firm hopes will save A$100 million (S$88 million) as the consultant market slows, according to the Australian Financial Review, which first reported the cuts. Partners were told on Tuesday, the newspaper reported, without saying where it got the information.

“This has been a very challenging and complex process, but an important one, as we realign our business structure with our new long-term strategy,” PwC Australia CEO Kevin Burrowes was quoted as saying in the announcement.

“We acknowledge that days like today are especially difficult for those affected, as well as their teams and colleagues. I can assure you that we will work closely with impacted individuals to ensure they are aware of their options and next steps,” Burrowes said.

Large accounting firms have made multiple rounds of layoffs in the past year amid subdued corporate advisory work and consulting activity. PwC Australia is also attempting to recover from a tax leak scandal where confidential information was shared and led to the senior partner at the heart of the saga last year getting an eight-year ban from providing financial services. BLOOMBERG

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign UpVIEW ALL