PricewaterhouseCoopers Australia has announced the dismissal of 366 employees, including up to 37 partners, as part of a strategic overhaul within the firm.

The decision, disclosed to the firm’s 7,200-strong workforce on Wednesday, marks a pivotal moment for one of Australia’s leading professional services firms.

The restructuring initiative aims to streamline operations and adapt to changing market dynamics following a tumultuous period for the company.

Affected employees were notified midday Wednesday and will receive further details regarding their employment status in the coming days.

PwC Australia says that impacted individuals may have the opportunity to apply for newly created positions resulting from the organizational changes.

Restructuring process

Furthermore, the firm disclosed plans for affected partners to accelerate their retirements over the next nine months, contributing to the restructuring process.

PwC Australia CEO, Kevin Burrowes, stressed the importance of this strategic realignment, stating, “This has been a very challenging and complex process, but an important one, as we realign our business structure with our new long-term strategy.”

Burrowes expressed gratitude for the contributions of all employees and assured those affected that the firm would support them through this transition period.

“As part of our long-term strategy, this reorganization will make the firm a more simplified, efficient, and centre-led business, enabling us to continue delivering the highest quality of service to our corporate and private sector clients,” Burrowes added.

Leadershup team

As part of the restructuring efforts, PwC Australia intends to reconfigure its management leadership team, introducing roles for a Chief Information Officer and Chief Financial Officer, with the aim of reducing layers within the leadership structure.

The decision to downsize follows a comprehensive review of all aspects of the firm’s operations.

Last year, PwC Australia divested its government consultancy business, valued at up to $1 billion, for a nominal sum of $1.

Additionally, approximately 350 jobs were cut towards the end of the previous year, accompanied by early retirements among several partners.