PwC partners have faced a £44,000 ($58,844) reduction in their average earnings as the firm grapples with economic headwinds and a downturn in deal-making, reports This is Money.
The average remuneration for the top-tier professionals at the accountancy giant has dropped from £906,000 to £862,000.
This change comes as the company’s profits declined by 14% to £1.1bn in the year leading up to the end of June.
PwC attributes the challenging financial landscape to a decrease in demand for accountancy and consultancy services.
This is a marked shift from the post-pandemic deal-making surge.
In 2022, PwC partners enjoyed record earnings of £1m.
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By GlobalDataDespite the profit dip, PwC reported a 9% increase in revenues, reaching £6.3bn.
PwC UK has recently restructured its leadership, with Marco Amitrano, previously managing partner and head of clients and markets, stepping into the role of senior partner for the UK and Middle East, succeeding Kevin Ellis.
Amitrano commented on the firm’s strategic direction, stating, “Even in a subdued market, we have continued to invest while managing costs and adapting the way we work to respond to new opportunities. Our continued growth and stability places us in a strong position.”
As part of its cost-reduction strategy, PwC has reduced its workforce by more than 500 employees.
Additionally, the company has mandated that its 26,000 UK staff members spend a minimum of three days per week in the office or with clients, starting January 2025.
This move comes with a focus on monitoring attendance and emphasising in-person work.
PwC has also channelled more than £100m into technology and other strategic priorities.
In a recent executive move, PwC UK appointed Darren Ketteringham as the new leader of industry for financial services.
Ketteringham, a long-standing member of PwC for nearly three decades and a partner for 19 years, will take over from Isabelle Jenkins, who has held the role since January 2021.
In his new position, Ketteringham will lead the team serving clients across various financial sectors, including banking, insurance, and asset and wealth management.
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