India, Sept. 22 -- PricewaterhouseCoopers (PwC) is cutting around 1,500 staff members and 60 partners with a major focus on its Middle East operations. The cuts at PwC are directly tied to a significant business challenge in the Middle East, where the firm's relationship with Saudi Arabia's Public Investment Fund (PIF) has soured. The PIF, which controls more than USD 900 billion in assets and directs Saudi Arabia's economic diversification, has reportedly banned PwC from winning advisory contracts for one year. This ban has effectively locked PwC out of a critical market, compounding existing pressures from a regional downturn.

The firm's revenue across its UK and Middle East units saw only a marginal increase, from GBP 6.33 billion to ...