“I’m extremely proud of the contribution every individual at PwC Australia makes to this firm and their ongoing commitment to producing exceptional results for our clients.”
This was the brave part of the statement PwC boss Kevin Burrowes made on Wednesday as he announced another 366 partners and employees would be cut at the embattled firm to right-size the shrinking business.
PwC Australia CEO Kevin Burrowes announced this week that more than 360 employees and partners will go in the latest round of job cuts.Credit: Alex Ellinghausen
This was on top of the 340 staff sacked in November due to the tax scandal, and economic conditions. As well as the 1300 staff that left when PwC was forced to spin off its lucrative government business for just $1 after it was banned from any further government work.
The firm’s website still boasts of a workforce of 8000 employees, but those stats are from a year ago when the news surfaced that several PwC partners had allegedly used confidential government tax information to woo some of the biggest companies in the world as clients.
The outlook appears grim and not just for the tax business, which was the source of PwC’s woes. There are clear signs that the audit and assurance business – the original core business of the big four firms and the unit that PwC is counting on to lift it out of the mire – is also suffering.
Westpac’s dramatic dumping of PwC last week in favour of KPMG was a big blow, with the bank’s business worth $70 million over the last two years alone. But that is not the only signal of the corporate sector’s disaffection with the firm.
On March 1, PwC’s 19-year run as the auditor of $3 billion Super Retail Group – the company behind retail names like Rebel Sport, Supercheap Auto and BCF – came to an end.
Mineral sands group Iluka Resources will end its 33-year relationship with PwC in May.
“Following completion of a tender process, and given PwC’s tenure, the board of Iluka considered it appropriate to replace PwC with KPMG as Iluka’s external auditor,” it said.
The high price of PwC’s failed redemption story
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15.03.2024
“I’m extremely proud of the contribution every individual at PwC Australia makes to this firm and their ongoing commitment to producing exceptional results for our clients.”
This was the brave part of the statement PwC boss Kevin Burrowes made on Wednesday as he announced another 366 partners and employees would be cut at the embattled firm to right-size the shrinking business.
PwC Australia CEO Kevin Burrowes announced this week that more than 360 employees and partners will go in the latest round........
© The Sydney Morning Herald
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