PWC partners take £44,000 pay cut as accounting giant battles to cut costs

PWC partners have taken a £44,000 pay cut as part of their efforts to cut costs.

The average salary of top accountants fell from £906,000 to £862,000, while profits fell 14 percent to £1.1 billion in the 12 months to the end of June.

PwC said it was facing “difficult market conditions” as deal volumes fell amid economic uncertainty, which also meant demand for accountants and consultants had fallen.

Pay cuts: The average salary of PWC’s top accountants has fallen from £906,000 to £862,000, while profits fell 14% to £1.1 billion in the 12 months to the end of June.

The “big four” accounting firms – PwC, KPMG, Deloitte and EY – have all cut costs in response to this downturn.

This is in stark contrast to the post-pandemic deal boom, with PwC partners receiving a record £1 million in 2022.

PwC UK has reshuffled its leadership, appointing managing partner and head of clients and markets Marco Amitrano as senior partner for the UK and Middle East business, succeeding Kevin Ellis.

Amitrano said: “Even in a subdued market, we have continued to invest while keeping costs under control and adapting the way we work to respond to new opportunities. Our continued growth and stability put us in a strong position.”

Despite the slowdown, revenue rose 9 percent to £6.3 billion.

The company has cut over 500 jobs and told its 26,000 British employees that they must spend at least three days a week in the office or with customers from January.

Attendance is tracked, with a “focus on face-to-face work” and the company has invested over £100 million in technology and “other strategic priorities”.

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