PwC plans to reduce bonuses for some employees in Switzerland by about 50%, according to Bloomberg News, as the accounting and consulting firm responds to a difficult economy, changing client demand and the growing use of artificial intelligence. Employees learned of the reductions during recent meetings with individual teams, people familiar with the matter said, and PwC Switzerland declined to comment on internal personnel decisions or confirm the reported cuts. The company reportedly told staff that layoffs were not under consideration at this time. The move comes as PwC recently lost Roche as a major account after the drugmaker curtailed its use of large consulting firms, and the disappearance of Credit Suisse as an independent company removed a significant prospective client following its acquisition by UBS. PwC is not alone in reducing expenses: KPMG is cutting about 200 advisory jobs in Britain, while McKinsey, EY and PwC's U.S. operation have eliminated support positions as firms expand their use of AI and outsourcing.
Roche Holding AG
UBS Group AGPwC Switzerland is cutting employee bonuses by about 50% amid a difficult economy and changing client demand.
