Restructuring... the word job seekers hate to hear, was part of the reasoning behind the PwC layoffs that will start next month. Looks like advisory is the new audit.

Here are the key facts ⤵ ▶ 1,800 jobs cut in the US.▶ Many of the layoffs are expected to impact non-client-facing roles. ▶ PwC said there was a decline in demand for advisory and that was the key factor behind the decision.Will we see broader restructuring across the industry in the coming months?

PwC revenue 2010-2023 ☝️☝️☝️

When you look at the segment break downs for PwC revenue- From 2023 to 2024, PwC’s advisory business saw significant shifts. In fiscal year 2023, PwC’s advisory segment generated $22.6 billion in revenue, growing by 13%. However, this growth was a sharp decline from the 23.5% increase seen in 2022. It's quite a drop in momentum.

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The crazy part- In 2023, The big 4 , Deloitte, PwC, EY, and KPMG generated 66.5 billion in audit and assurance services and a staggering 95.4 billion in revenue from advisory services.Interesting timing on these layoffs though.... I worked with two PwC sr. leaders a few months back as they prepped for their next career move. Did they see the writing on the wall? Gotta keep your eyes out for layoff signs always.

The thing that stands out the most to me is that companies are not spending. What does that mean for the future of hiring? It - Will - Be - Slower. #employersmarket

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