PwC defends plans to cut 600 jobs rather than bosses’ pay

News come months after PwC revealed more than 1,000 UK partners would be paid £906,000 each

PwC’s chairman has defended plans to cut up to 600 jobs rather than cut partner pay amid a slowdown in client demand, saying it was important to offer “competitive” pay packages to senior staff.

The accounting and consultancy firm said it was trying to right-size the business following weaker growth, rising costs and a drop in the number of employees quitting on their own accord, in a process usually referred to as natural attrition.