Market News

PwC Announces Strategic Move to Reduce US Consulting Operations, Focusing on Core Services

Announces, Consulting, Core, Focusing, Move, Operations, PwC, Reduce, Services, Strategic

Receive Free World Updates: PwC Plans to Cut Consulting Work and Implement Changes to Pay for US Leadership

Receive Free World Updates

PwC Plans to Cut Consulting Work and Implement Changes to Pay for US Leadership

We’ll send you a myFT Daily Digest email rounding up the latest World news every morning. This article is an on-site version of our FirstFT newsletter. Sign up to our Asia, Europe/Africa or Americas edition to get it sent straight to your inbox every weekday morning.

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

Leave a Comment