The percentage of staff leaving each year has fallen 5 percentage points in recent months and is now at around 10 per cent, according to those familiar with the matter.

The planned redundancy would result in fewer people leaving than if attrition were at normal levels, they added.

PwC told  City A.M   that decisions about jobs are “never taken lightly”.

“This is about flexing our business to demand. There are still areas of good growth and recruitment,” the firm said. 

PwC UK Chair Kevin Ellis told the FT that the firm had decided to launch the redundancy round rather than delaying or cancelling job offers to graduates and school-leavers.