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PwC Plans to Cut Consulting Work and Implement Changes to Pay for US Leadership
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PwC to Cut Back on Consulting Work
- PwC is planning to cut back on its consulting work to the tune of several million dollars.
- The plan targets miscellaneous consulting work, which will be phased out by 2025.
- The firm’s tax work will not be affected by the changes.
- PwC aims to implement pay clawback provisions for its US leadership team.
- The accounting firm’s US leaders want to improve its reputation and avoid criticism from clients.
PwC’s Motivation for Change
- PwC’s move comes after a scandal in Australia involving misuse of confidential information.
- The firm wants to improve its reputation, especially among younger potential recruits.
- PwC had suggested industry-wide changes through an industry group, but did not receive support.
Impact on Other Accounting Firms
- The move puts pressure on other large accounting firms to implement similar changes.
- Tim Ryan, senior partner of PwC US, stated that competitors’ actions are up to them.
Other News
- US President Joe Biden is meeting with Vietnamese counterpart Vo Van Thuong to strengthen relations.
- Biden will then travel to Alaska to mark the 22nd anniversary of 9/11.
- Oracle and Vistry Group are reporting their results.
- Google is preparing for a landmark antitrust case against the US government.
- Janet Yellen defends the US plan to increase funding for the World Bank.
- Venezuelan bonds rally as investors bet on a diplomatic breakthrough with the US.
- Nato is preparing its biggest live joint command exercise since the cold war.
- Spanish football chief Luis Rubiales resigns after a criminal complaint is filed against him.
The Big Read
Singapore’s economic model is being questioned as rising inequality becomes a concern.
Map of the Day
A powerful earthquake strikes Morocco, causing significant damage and casualties.
Take a Break from the News
Explore Zürich’s street markets to get a sense of Switzerland’s culture and economy.
Recommended Newsletters
- Working It – Everything you need to get ahead at work, in your inbox every Wednesday.
- One Must-Read – The one piece of journalism you should read today.
Additional contributions from Grace Ramos and Benjamin Wilhelm
