According to sources familiar with the matter, PwC is planning to cut bonuses for its Swiss employees by half. The move comes as the Big Four accounting firm seeks to reduce costs amid rising artificial intelligence usage and a challenging economic climate.

The adjustments were announced during several internal meetings held with specific teams in recent weeks, according to insiders who requested anonymity due to the sensitive nature of internal affairs. The firm has not issued a written internal notice regarding these measures.

A PwC spokesperson stated that the company does not comment on internal or employee matters, and could neither confirm nor deny rumors regarding bonuses or other decisions.

Insiders attribute the bonus reductions at PwC Switzerland to the difficult economic environment and the growing use of AI in daily work. Global consulting firms are currently facing a slowdown in demand for certain professional services, mounting pressure to improve profitability, and the rapid adoption of new technologies. In response to this uncertainty, consultancies are tightening their cost structures across the board.

For instance, KPMG is in the process of cutting approximately 200 consulting roles in the UK, citing lower-than-expected natural staff attrition and shifting "market dynamics." Over the past 12 months, firms including McKinsey, EY US, and PwC US have also trimmed back-office positions, while leveraging AI and outsourcing more heavily to reduce costs and boost earnings.

When Swiss employees inquired whether the firm was contemplating layoffs, PwC indicated that this option is not currently under consideration, per the sources.

For decades, Zurich and Geneva have served as key markets for consultancies such as EY, KPMG, and Deloitte. Many multinational corporations maintain their European headquarters in Switzerland, enabling consulting firms to secure global mandates from local enterprises. Switzerland's vast pharmaceutical and financial services sectors have also provided a steady stream of business—though both industries are presently under significant strain.

PwC has lost the Swiss drug giant Roche as a client this year. Roche, one of the firm's largest clients previously, is scaling back spending, and the pharma giant remains Switzerland's most valuable listed company. Furthermore, insiders note that PwC partners are currently assessing strategic questions, including which clients to prioritize and how to navigate the shifts brought about by AI.

The disappearance of Credit Suisse has also placed additional pressure on PwC Switzerland operations. The firm had maintained a long-standing consulting relationship with Credit Suisse, yet following the UBS takeover, one of Switzerland's two major financial institutions no longer exists as an independent client, removing a substantial source of revenue.