PricewaterhouseCoopers (PwC) has cut the size of its global workforce for the first time since 2010 and scrapped a five-year hiring target, after investing more than $1 billion last year to accelerate its artificial intelligence transformation, The Times UK reports.
In 2021, then-global chairman Bob Moritz pledged to grow PwC’s worldwide headcount by 100,000 by next summer. However, in the 12 months to the end of June 2025, the firm reduced staff numbers by 5,600, bringing its total workforce below 365,000. Headcount fell in all regions, marking the first global shrinkage since the financial crisis. To meet Moritz’s original target, PwC would now need to hire more than 30,000 people before next June, a goal not mentioned in this year’s annual report.
The reduction has fueled speculation about the impact of artificial intelligence on hiring plans within the Big Four accounting firms. Between July 2024 and June 2025, PwC spent nearly $1.5 billion to expand and scale its AI capabilities. Mohamed Kande, PwC’s global chairman, described the shift as a “defining moment, the dawn of the intelligence age,” noting that AI, environmental shifts, and geopolitical changes are reshaping the global economy.
PwC UK senior partner Marco Amitrano highlighted that while AI is reshaping roles, weak business confidence and slowing dealmaking were the “single biggest factor” behind hiring fewer graduates this year.
Reflecting this challenging backdrop, PwC’s global revenue rose 2.7% to $56.9 billion in the year ending June 2025, slower than the 3.7% growth in the previous financial year, and lagging behind rivals Deloitte and EY, which reported global growth of 4.8% and 4%, respectively.
The firm continues to face difficulties in Asia Pacific, where its reputation has been damaged by a tax scandal in Australia and audit work for Evergrande, the heavily indebted Chinese developer that overstated its sales. Kande has encouraged regional leaders to avoid risky clients, and PwC has exited 13 countries—mostly in Africa—over the past year, reducing its client base by around 5,000 to just over 175,000 globally.
By division, PwC’s audit revenue rose 0.9% to $19.85 billion, advisory services grew 4.4% to $24.39 billion, and tax revenue increased 2.8% to $12.74 billion. The firm described the overall performance as “solid in a challenging economic climate,” noting that advisory growth slowed in the spring due to trade wars and economic uncertainty.
Founded in 1998 through the merger of Price Waterhouse and Coopers & Lybrand, PwC traces its roots back to 1849 when Samuel Lowell Price established his accountancy practice in London.
