PWC companions take a £44,000 pay reduce as accounting large battles prices

PWC partners have taken a £44,000 pay cut as the accounting giant battles to bring down costs.

The average salary for its top bean counters has fallen from £906,000 to £862,000, as profits fell 14 per cent to £1.1billion in the 12 months to the end of June.

PwC said it faced ‘challenging market conditions’ as deal-making slowed in the face of economic uncertainty. That has seen the demand for accountants and consultants also cool.

Pay cuts: The average salary for PWC’s top bean counters has fallen from £906,000 to £862,000, as profits fell 14% to £1.1bn in the 12 months to the end of June

The ‘Big Four’ accountants – PwC, KPMG, Deloitte and EY – have all driven down costs in the face of this downturn.

That stands in stark contrast to the deal-making boom enjoyed post-pandemic. In 2022, PwC partners were paid a record £1million.

PwC UK has overhauled its leadership, making managing partner and head of clients and markets Marco Amitrano senior partner for its UK and Middle East business, succeeding Kevin Ellis.

Amitrano said: ‘Even in a subdued market, we’ve continued to invest while managing costs and adapting the way we work to respond to new opportunities. Our continued growth and stability places us in a strong position.’

Despite the slowdown, revenues rose 9 per cent to £6.3billion.

The group has cut more than 500 staff and told its 26,000 UK employees that they must spend at least three days a week in the office or with clients from January.

Attendance will be tracked amid ‘emphasis on in-person working’. It has invested over £100million in tech and ‘other strategic priorities’.