PwC UK partners take 5% pay cut as growth slows
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PwC UK partners have seen their average pay drop to £862,000 this year, a 5% decrease from £906,000 last year.
This comes as the firm’s revenue growth slowed to 9%, down from 16% the previous year. Profits also fell by 14% to £1.1 billion.
The Middle East operations performed strongly, with a 26% surge in sales, offsetting a slower 3% growth in the UK.
Consulting was the standout division, with an 18% revenue increase. The firm has also been cutting costs, including job losses and lower pay rises, in response to the challenging economic environment.
The trend has been seen in other Big Four firms, with EY partners also expecting a pay cut come October.
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