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pricewaterhousecoopers has launched its first major layoffs in 15 years.

according to a report by the wall street journal on the 11th, the internationally renowned accounting firm pricewaterhousecoopers (pwc) announced that it will lay off employees in the united states and its overseas branches, and the number of layoffs is expected to reach 1,800.

this is the first time that pwc has taken formal layoffs since the financial crisis in 2009. the layoffs are mainly concentrated in the consulting, product and technology departments, involving multiple positions from junior employees to senior executives, including business services, audit and tax.

the report quoted insiders as saying that about half of the layoffs will be carried out overseas, and the laid-off employees will receive formal notification in october this year. the number of laid-off employees accounts for about 2.5% of the total number of employees in the us branch.

in an internal memo announcing the layoffs, paul griggs, pwc’s us leader, said:

"we are going to take some resource actions that will impact a relatively small portion of our workforce and this decision was not made lightly."

“ultimately, we are positioning the company for the future, creating investment capacity, and anticipating and responding to market opportunities today and in the future.”

the report said the decision to lay off employees was made against the backdrop of rising interest rates and a slowing economy, which have led to a decline in demand for some consulting businesses.

griggs said pwc plans to reorganize its product and technology teams to further embed them across business lines and simplify processes for business services.

tim grady, pwc’s us chief operating officer, also told the wall street journal:

“to remain competitive and position our business for the future, we will continue to transform the areas of our company and align our workforce to better support our strategy, including attracting the right talent and skills and moving them to the areas where we need them most.”

it is worth noting that pwc carried out a round of structural adjustments in 2017. at that time, it did not lay off employees, but instead provided new job options for employees.

in stark contrast, the other three largest accounting firms - ernst & young, kpmg and deloitte - have all cut thousands of jobs in the us market over the past two years.

pwc will continue to evaluate whether to discontinue certain products, as well as other investment decisions, the people said.