PwC UK has announced a restructuring plan that includes the formation of a standalone technology and artificial intelligence (AI) unit, reported The Financial Times (FT).
This move is part of the accounting giant’s efforts to become “new vision to become the pre-eminent firm.”
The reorganisation is expected to impact approximately 2,700 staff and partners.
The restructuring will see the creation of a “digital delivery unit” intended to tech innovation, AI engineering, cloud, and data.
Additionally, PwC will restructure its consulting, deals, risk, and tax practices, forming six new teams by merging and moving certain functions.
This realignment is a response to evolving client demands and the need to effectively structure the firm’s growing AI advisory segment.
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The changes will lead to significant shifts within the company, as about 10% of PwC’s UK workforce will transition into new roles and service lines.
PwC UK managing partner Laura Hinton was cited by the news agency as saying in a pre-recorded video message emphasising the reorganisation’s aim to “simplify” operations and decrease duplication while also increasing scale and market presence.
Hinton said the new digital delivery unit would comprise 900 technologists and collaborate across various service lines, also receiving a “market-facing name”.
“As we continue to adapt to our clients’ needs, it’s important that we all get used to being more agile, while continuing to support each other,” Hinton added.
In September 2024, This is Money reported that PwC partners faced a £44,000 ($58,844) reduction in their average earnings as the firm grapples with economic headwinds and a downturn in deal-making.
