Layoffs Affect 60 Partners and 1,500 Employees in the Middle East Region at PwC Following Disagreements in Saudi Arabia
In a significant development, professional services firm PricewaterhouseCoopers (PwC) has indeed faced jobs cuts due to a year-long ban imposed by Saudi Arabia's Public Investment Fund (PIF) on new advisory contracts for PwC. The ban, which took effect in February 2023, has been a result of PwC's attempt to hire Neom's chief internal audit officer and reluctance to take on audit work that would conflict with more lucrative consulting jobs. This move has led to 'friction and angst' and the subsequent ban. The jobs losses at PwC are not limited to the Middle East, as the firm is also experiencing cuts in PwC UK. As of the year to June, PwC UK had approximately 33,700 staff, down from 36,000 the previous year. In the Middle East, the ban has exacerbated a wider drop-off in work for consultancies in Saudi Arabia. As of the end of PwC's most recent financial year, the firm had approximately 500 partners and 11,000 employees in the region, primarily based in the United Arab Emirates and Saudi Arabia. The jobs cuts have resulted in the reduction of approximately 60 partners and 1,500 staff from its Middle East business. Despite the jobs cuts, PwC has maintained a roughly stable headcount in the region due to new hires in areas with strong client demand. The jobs cuts at PwC's Middle East practice have predominantly affected consulting roles associated with transformational projects. In an effort to reflect on its governance and consider freshening up the senior management, PwC's leadership has initiated a leadership shake-up in the Middle East for the top position, occurring months after two key figures were asked to step down due to the PIF ban. The new Regional Director of PwC Middle East recently appointed is Joseph Alhassen. PwC declined to comment on the situation. The Financial Times Limited 2025 is the copyright holder for this information.
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