PwC cuts 2% of Canadian workforce

Big Four firm PricewaterhouseCoopers has cut its workforce in Canada by 2% as sustained high interest rates push that nation's economy toward a recession.

A spokeswoman for PwC confirmed the reduction, reported earlier by the Globe and Mail newspaper, without giving further details of the layoffs. With the company's website saying it employs about 7,700 people in Canada, the cut would amount to about 150 people. 

The Canadian economy looks to have entered a technical recession this year as the Bank of Canada holds interest rates at multi-decade highs to combat inflation. 

Brent Lewin/Bloomberg

Preliminary data show output contracted 0.1% in the third quarter after registering a 0.2% decline in the previous three months, meeting the two-consecutive quarters of slowing activity needed to qualify as a recession.