The announcement comes as PwC seeks to remain competitive amidst changing market dynamics, especially as it integrates its products and technology teams with other business lines. Tim Grady, the company’s US chief operating officer, noted that the firm is aligning its workforce to better support its evolving strategy.

This restructuring also coincides with challenges in PwC’s China office, where the firm recently lost a major client, Country Garden Holdings, amid scrutiny over its auditing of China Evergrande Group. PwC has faced layoffs and cost-cutting in China as several firms, including Bank of China, have severed ties with the auditor due to missed deadlines and other issues.