PwC has refrained from specifying the number of employees targeted by the initiative, confirming only that it would extend voluntary severance packages. However, it is expected that up to 600 positions could be cut, according to Reuters.

The firm attributes the decision to lower-than-expected attrition rates and a slowdown in growth within certain business segments. While PwC is prioritising voluntary redundancies, compulsory job cuts could follow if too few employees accept the severance offers.

These reductions are expected to affect mainly the advisory branch, with a few roles in the tax department also being trimmed. The audit division, however, will remain unaffected.

This move comes in the wake of similar actions by other Big Four firms, with KPMG announcing plans to cut about 100 roles in its UK deal advisory business and Deloitte preparing for over 800 job reductions in the country. These job cuts across the sector suggest a strategic bracing for a potential economic downturn anticipated later in the year.