PricewaterhouseCoopers is cutting three jobs in the Cayman Islands as part of a consolidation of the accounting firm’s Caribbean offices.
Seven PwC firms in the Cayman Islands, Bahamas, Bermuda, Jamaica, Trinidad and Tobago, Turks and Caicos and the Eastern Caribbean are aiming to use centralised systems, processes and tools across their Caribbean network.
The process will consolidate internal functions, such as IT, finance and human resources, PwC said. The three job losses in Cayman are non-client facing, internal service roles.
“Our steps are about strengthening our network to the benefit of our clients, and to preserve the long-term viability of our business. Regrettably, a small proportion of our fine, hard working people will depart as a result of this process,” said Frazer Lindsay, Cayman Islands’ territory senior partner.
In Bermuda, a spokesperson for the audit firm anticipated a “near 10 per cent” reduction of the 240-strong workforce, the Bermuda Gazette reported. Two partners with PwC in Bermuda will also be leaving the firm.
In the Eastern Caribbean, PwC offices in St. Kitts, Antigua and St. Lucia have begun to operate as Grant Thornton International. PwC Barbados in turn will join the new Caribbean network.
The decision to transform the business and become a more integrated network comes in response to changes affecting businesses in the Caribbean and around the globe. The economic situation, evolving regulatory and professional requirements and growing client expectations require PwC to take action now to retain its competitive position in the future, Mr. Lindsay said.
“This new network is integral to the future of PwC. What has worked for the past 50 years is different from what we need to do to remain the number one professional services network in the Caribbean for the next 50 years.”