Thursday, October 23, 2025
spot_img

PwC Layoffs in China’s Financial Services Audit Team

spot_img
- Advertisement -

PricewaterhouseCoopers (PwC), a global professional services firm, is facing a critical decision in its China operations. Sources reveal that PwC is considering slashing up to half of its financial services auditing staff in mainland China. 

This move comes amidst regulatory scrutiny and an exodus of clients, casting a shadow over the firm’s business prospects.

Chinese regulators have closely examined PwC’s role as the auditor for troubled property giant China Evergrande Group. Notably, PwC had been Evergrande’s auditor for almost 14 years until it resigned in early 2023.

The scrutiny intensified after Evergrande faced allegations of a $78-billion fraud spanning two years through 2020.

The regulatory investigation triggered an exodus of clients, particularly state-owned or state-backed enterprises and financial institutions. Over 30 listed Chinese firms, including tech giants Alibaba and Tencent, dropped PwC as their auditor in recent months.

PwC’s financial services auditing operation in China employs at least 2,000 people across mainland China, with main hubs in Beijing and Shanghai. The firm is also considering layoffs in other auditing teams and non-auditing business lines.

Also Watch: How GenAI Transforms Hiring and Recruitment, Click Here

In response to these changes, a PwC spokesperson earlier stated, “In light of changes to the external environment, we are making some adjustments to better optimize our organizational structure to align with market demand.”

The spokesperson emphasized compliance with all relevant labor laws in China, acknowledging that these adjustments are difficult decisions.

The firm, with 781 partners and nearly 19,000 employees in mainland China as of last September, according to its website, is also mulling laying off about 20% of the staff in other auditing teams and non-auditing business lines, they added.


Note: We are also on WhatsApp, LinkedIn, Google News, and YouTube, to get the latest news updates, Subscribe to our Channels. WhatsApp– Click HereGoogle News– Click HereYouTube – Click Here, and LinkedIn– Click Here.

spot_img

Editorial

Why TCS Deferred FY25 Salary Hike: Better Hike Ahead?

TCS had initially announced its annual salary hike during...

Deloitte, PWC, EY, KPMG to Hire 1 Lakh People in India in FY25

According to estimates from top company officials and industry...

Higher EPS Pension Application Stuck: A Step-by-Step Guide to Fix

Nearly 97,640 Provident Fund (PF) members and pensioners under...

Employee Benefits at India’s Big 4 Firms Deloitte, PwC , EY, KPMG

The Big 4 firms; Deloitte, PwC (PricewaterhouseCoopers), EY (Ernst...

TCS Announces 4-8% Salary Hike for FY25, Lowest in Last 4 Years

Tata Consultancy Services (TCS), India's largest IT services provider,...

Must Read

Gensol EV Faces Setbacks: 50 Employees Laid Off

Gensol EV, a subsidiary of Gensol Engineering, has recently...

TCS to vaccinate its employees thru direct tie-up with suppliers

TCS to vaccinate its employees thru direct tie-up with...

Sterlite Power appoints Reshu Madan as Chief Executive Officer

Sterlite Power, a leading global developer of power transmission,...

EY to sack 3,000 Jobs or 5% nearly of its workforce

One of the Big Four accounting firms, Ernst &...

Bajaj Capital elevates Kathiravan M as Vice President – HR

Bajaj Capital elevates Kathiravan M as Vice President –...

Genies pay Rs 2L/m for ChatGPT, Samsung bans staff from using it

AI tools have captured the public imagination for their...

Jindal Steel & Power appoints Vedanta’s Dilip Sinha President & CHRO

Jindal Steel & Power Ltd. (JSPL) has announced the...

Crescent Foundry appoints Pratyay Lahiri as Dy. CHRO

Leading Exporter of Machined Castings, Crescent Foundry has appointed...

Related Articles

Sahiba Sharma
Sahiba Sharmahttps://sightsinplus.com/
Sahiba Sharma, Senior Editor - Content at SightsIn Plus