PwC to slash China partners' pay after being hit by client exodus

PwC has asked its China-based partners to take up to a 50% pay cut amid a regulatory probe and client departures, prompting cost cuts and layoffs. The probe focuses on PwC's auditing of China Evergrande Group, accused of a $78-billion fraud. The pay cuts and layoffs highlight PwC's challenges in China, impacting senior and mid-level partners significantly.