Dozens of partners take early retirement from accountancy giant PwC
21 November 2024, 11:23 | Updated: 21 November 2024, 13:34
Dozens of partners at PricewaterhouseCoopers (PwC), Britain's biggest accountancy firm, will next month take early retirement as its new boss takes steps to boost its performance.
Sky News has learnt that PwC's 1,030 UK partners were notified earlier this week that a larger-than-usual round of partner retirements would take place at the end of the year.
Sources said the round would involve several dozen partners - who command average pay packages of about £1m - leaving the firm.
PwC named about 60 new partners earlier this year under Marco Amitrano, who was appointed as its new UK boss in the spring.
Mr Amitrano is understood to have informed partners about the changes in a voice memo, although one insider disputed the idea that the numbers involved were "significant".
The partner retirements come as the big four audit firms contend with a sizeable bill from increases in the budget in employers' national insurance contributions.
It emerged this week that Deloitte is cutting nearly 200 jobs in its advisory business, according to the Financial Times.
An ongoing shake-up of the audit profession is not being restricted to the big four firms, with Sky News revealing on Wednesday that Cinven, the private equity firm, was in advanced talks to buy a controlling stake in Grant Thornton UK.
The deal, which is expected to value Grant Thornton at somewhere in the region of £1.5bn, was announced on Thursday morning.
PwC declined to comment.
(c) Sky News 2024: Dozens of partners take early retirement from accountancy giant PwC
