PracticeAccounting FirmsPwC tax partners face redundancy

PwC tax partners face redundancy

Pricewaterhouse-Coopers may shed up to 22 UK partners from its tax practice during the course of the year, following 200 job losses announced to tax staff in February.

According to industry insiders, the cuts are a part of long-running staff reductions following the merger of Price Waterhouse and Coopers & Lybrand, which was first announced in 1997, as well as the current uncertain economic conditions.

But it is unclear whether the cuts will be made before or after the beginning of its new tax year, which begins on 1 July.

Although a number of partners will leave, it is also expected eight partners will be recruited to the practice, while several tax partners are due to retire at the end of June.

A spokeswoman for the firm, said: ‘We will not know the precise number of partners we will recruit until the new financial year begins. Last year, however, we took on 46 partners in the UK in total.’

The firm axed 200 staff in its UK tax practice earlier this year, although partners at the firm were not affected in that announcement.

Rival firm KPMG announced in February that at least 150 jobs would have to go in its tax practice as it reacted to changing client demands.

Meanwhile, Ernst & Young culled four partners and 25 staff from its corporate finance arm earlier this month.

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