PwC to cut 50 partners amid Hong Kong retrenchment

PwC is reportedly cutting ties with around 50 partners in Hong Kong amid pay reductions of up to 30% across departments, according to local media. The downsizing comes as the firm faces growing pressure from client departures, including blue-chip companies Link REIT, AIA, and Li Ning, all of which have moved to change auditors after long standing engagements. At least 11 companies dropped PwC in April alone, with none appointing it as a new auditor. The fallout from the China Evergrande crisis has also led to the loss of major mainland clients such as Bank of China and PetroChina. PwC is expected to shift its strategic focus to the TMT sector while maintaining its position among the global Big Four accounting firms.