Accounting giant PwC the latest to slash staff

The economic downturn has claimed its latest victims, with accounting firm PricewaterhouseCoopers set to sack at least 40 staff by the end of this week.

The economic downturn has claimed its latest victims, with accounting firm PricewaterhouseCoopers set to sack at least 40 staff by the end of this week.

It is believed the job cuts will occur mainly in the firm’s corporate tax and business acquisition divisions, although the company says it is still working through the exact details of the sackings.

“Like any business, we continually ensure our people resources are allocated to the areas of greatest demand by our clients. As a result of this process, around 40 people are expected to leave the firm in the next week,” PwC told The Australian Financial Review.

Financial services firms have had to cut back on staff and costs as a result of the global financial crisis and a number of accounting firms are expected to shed staff in the coming months.

However, there is one group in the professional services sector still hiring – insolvency and restructuring firms.