PwC spinoff Scyne to axe about 10% of staff, shift to tech
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The news: Scyne Advisory will slash about 10% of staff in a major cost-cutting drive as work in the professional services sector dries up, according to media reports.
The Australian reported staff were told on Thursday afternoon, with insiders warning as many as 150 people could go in the shake-out. Other sources told the paper 70 jobs were expected to go this week.
The cuts include about 30 positions in the educational consulting practice and come as the firm merges its digital division into a broader transformations practice, The Australian Financial Review reported.
Chief executive John Ball was quoted by the AFR saying the restructure would shift Scyne away from generalist consulting work and towards technology-focused projects.
The context: The firm was created in 2023 when PwC sold its public sector consulting arm to Allegro Funds for $1 after being black-listed from new government contracts.
PwC was sanctioned after its former head of international tax, Peter Collins, shared confidential government tax briefings that were then used to create tax strategies for clients.
Since then, federal and state governments have cut external contractor spending.
The numbers: The latest restructure follows 90 redundancies last year, the AFR noted. Two state managing partners departed last week, five others joined FTI Consulting, and senior managing director Amy Auster also left.
Scyne recently welcomed 58 graduates and has 60 open roles, according to The Australian.
The sources: The Australian Financial Review, The Australian
