PricewaterhouseCoopers is cutting pay increases and bonuses for some of its 25,000 U.K. employees, according to a person familiar with the matter.
The professional services firm is freezing pay bands for auditors at the senior associate level. The majority of audit associates and senior associates will see higher salaries due to promotions, according to the person, who asked not to be named discussing internal matters.
Still, salary rises will be smaller than last year, while the number of promotions will stay at a similar level, PwC told U.K. employees in an internal memo.
The money available for bonuses has grown, but so has the firm's U.K. headcount so the average per person will be lower, according to the memo. The news was reported earlier by the Financial Times.
