PricewaterhouseCoopers (PwC), which recently lost contracts with 16 Hong Kong-listed companies over the past month, is undergoing a staffing shake-up at its Hong Kong office, according to HK01.

It is reported that around 50 partners are expected to leave this month, and employees in several departments are facing pay cuts of 20-30%. PwC declined to comment on the report.

After losing state-owned enterprise clients, PwC is said to focus its resources on the telecommunications, media, and technology (TMT) sectors.

Given its long-standing relationships with TENCENT (00700.HK) and BABA-W (09988.HK), it is also believed that PwC is unlikely to be easily replaced by these major clients.
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AAStocks Financial News
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