Massive job cuts in China

Business.Business. PricewaterhouseCoopers LLP is reportedly cutting staff numbers in its China operations following an exodus of corporate clients in the country. The development comes at a time when the accounting firm’s revenue prospects in the country have dimmed, Bloomberg reported. The report claims that at least 100 employees from various teams across PwC China’s offices in Beijing, Shanghai and other locations are being shown the door. The report claims that more than half of one team has been laid off, although the final number of cuts at the firm is not immediately clear. “In light of changes in the external environment, we are making some adjustments to our organisational structure to better align with market demand,” a PwC spokesperson told Bloomberg. “These adjustments are a difficult decision. We are actively communicating with our people and will ensure that the plan is in compliance with all relevant labour laws in China,” the spokesperson added.