People briefed on the situation say PricewaterhouseCoopers is preparing to reduce bonuses in Switzerland by half. The message was delivered in a series of recent town-hall meetings with specific teams, and those people say no formal memo went out afterward. They added that PwC Switzerland pointed to a difficult economic backdrop and increasing use of AI tools to perform work as the rationale.
A spokeswoman said the company does not discuss internal or personnel issues and declined to either verify or refute rumors concerning bonuses or other decisions. According to the people, employees in Switzerland who inquired about potential layoffs were told that no such measures are presently being contemplated.
Consultancies worldwide are contending with softer demand in parts of their business, pressure to boost profitability and rapid tech adoption. Cost cutting has followed. KPMG is eliminating around 200 advisory roles in the UK, citing low attrition and "market dynamics." Over the past year, McKinsey & Company, Ernst & Young US and PwC US likewise trimmed back-office roles, pairing the moves with greater use of AI and outsourcing to reduce expenses and improve margins.
Switzerland remains a prime hunting ground for firms like EY, KPMG and Deloitte, thanks to the many multinationals that base their European headquarters there. That footprint helps originators in Switzerland land mandates that span multiple regions. The market is also anchored by sizable pharmaceutical and financial-services sectors, though both are facing headwinds.
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PwC partners are weighing where to focus and how to handle AI, according to people familiar. The backdrop is getting tougher: this year, PwC lost Roche Holding AG after Switzerland's largest publicly traded company scaled back its spending. And the UBS Group AG takeover of Credit Suisse removed one of the country's two major banks as an independent client. PwC had a longstanding consulting relationship with Credit Suisse, and its disappearance has also weighed on the business.
For customers, fewer big-ticket mandates and shifting sector dynamics can influence pricing, timelines and how much tech gets embedded in projects. For your own wallet, it is another sign that AI is not just a boardroom talking point. It is reshaping white-collar work and compensation, with ripple effects on service quality, job markets and the broader economy you invest in.
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