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Big Four giant PwC has shrunk its global workforce for the first time since 2010, trimming staff numbers by nearly 6,000, as the chairman cited investments in AI tools. In its annual report, published on Tuesday, PwC firms reported record gross revenues of $56.9bn for the 12 months ending 30 June 2025, marking a 2.7 per cent growth in local currency (2.9 per cent in US dollars) over the prior year. PwC is lagging behind Big Four rivals Deloitte and EY, who reported growth rates of 4.8 per cent and 4 per cent, respectively. The firm’s Americas revenues grew by 5.5 per cent to $25.5bn, EMEA grew by 2.5 per cent to $22.5bn; however, Asia Pacific declined by 4.1 per cent to $8.8bn. All three lines of business saw revenue growth, though some were smaller than others: advisory grew by 4.5 per cent to $24.3 bn, assurance by 1.7 per cent to $19.8 bn, and tax and legal services by 1 per cent to $12.7 bn. Last month, PwC reported its UK arm saw profits edge up as its headcount reductions took effect. Jobs targets pushed to one side The firm took a pair of scissors to its workforce over the last year, cutting its global staff by 5,600, bringing the total headcount to below 365,000. Back in 2021, PwC pledged to embark on a hiring spree over the next five years, adding 100,000 more staff as part of a $12bn investment as part of its ‘The New Equation’ strategy. The plan was to bring the total headcount to around 384,000; however, the firm is currently over 30,000 people behind that target, and no information was provided on future investments. Instead, like the majority of recent updates from the Big Four, Mohamed Kande, global chairman, PwC, focused on AI. “We’re entering a defining moment — the dawn of the Intelligence Age. Artificial intelligence (AI), environmental shifts, and new geopolitical realities are reshaping the global economy faster than ever before,” he said. He added: “Traditional industries are being reimagined, new ecosystems are forming, and capital is flowing toward innovation at scale.” It was noted that the network has continued to accelerate its AI transformation, investing nearly $1.5 bn to expand and scale its AI capabilities, including building a global AI factory and launching ‘agent OS’. This comes as the UK’s Big Four accountancy firms have been cutting hundreds of jobs and sharply pulling back on graduate recruitment, in response to their AI push and profitability problems. As reported in June, over the last two years, KPMG cut graduate intakes from 1,399 to just 942; Deloitte reduced its scheme by 18 per cent, followed by EY and PwC, with 11 per cent and 6 per cent cuts, respectively. These global results also follow a few years in which PwC was involved in a number of scandals across various continents.
