PwC Starts Mass China Layoffs After Losing Dozens of Clients
- Cuts have affected employees in Shanghai and Beijing
- Firm is bracing for a record penalty from Chinese regulators
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PricewaterhouseCoopers LLP is cutting staff across its China operations, according to people familiar with the matter, after an exodus of corporate clients diminished the accounting firm’s revenue prospects in the country.
At least 100 staffers from different teams at PwC China’s offices in Beijing, Shanghai and other locations are being let go, the people said, asking not to be identified discussing private matters. More than half of one team was laid off, according to one of the people. The final tally of firmwide cuts wasn’t immediately clear.