PWC US ADVISORY
Big 4’s management consulting arms gain muscle
The management consulting business has been growing 25-30% for all firms in the last two years. At the Big Four, the total number of partners engaged in strategy, operations, and the top end of digital advisory — areas typically dominated by firms like McKinsey, BCG and Bain — stands close to 300, with consultant numbers at 5,500-6,000. However, the varying number of digital consultants each firm adds to management consulting complicates direct comparisons.
RBI unlikely to cut interest rate on June 7, say experts
The Reserve Bank of India is unlikely to cut the benchmark interest rate in its upcoming monetary policy review amid inflation challenges and improving economic growth. Scheduled for June 5-7, the Monetary Policy Committee (MPC) is expected to maintain the current 6.5% repo rate. Experts cite steady economic conditions and ongoing inflation concerns as reasons for maintaining the status quo
SPJIMR’s Class of 2024 gets Rs 33 lakh average package
The median salary of the students of post graduate diploma in management (PGDM) and PGDM (Business Management) is also similar to last year at Rs 31.2 lakh per annum.
PwC India to cross ₹9,000-crore revenue mark on robust growth
Each of PwC India's lines of service comprising assurance, tax and advisory are clocking growth rates of at least 20%, with advisory leading the pack.
KPMG India, US, and UK in talks for landmark advisory practices merger
Termed "Project Himalaya" within KPMG, this endeavour has been quietly underway for several months and is spearheaded by KPMG India's CEO, Yezdi Nagporewalla, along with select partners. The new entity, when formed, is expected to soon grow to 50,000 people in its fold, and combined revenue just from India platforms would be more than $1 billion.
KPMG to lay off about 6% of deal advisory staff in UK: Reports
The layoffs will impact closer to 6% of the 1,700-strong KPMG deal advisory team in the UK, the source said, adding that the move was due to lower client demand. The Financial Times first reported about job cuts at the deal advisory team. The newspaper reported in September that KPMG had planned to lay off 2.3%, or 125, of its UK consultants.
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Big 4 get bigger: Combined revenues of EY, KPMG, Deloitte and PwC cross Rs 32,700 crore
For these firms, auditing services now account for less than 15% of total revenue from a disproportionate majority only a decade and a half ago, with EY, Deloitte and PwC not actively trying to expand this service line due to associated risks. Another traditional service, taxation advisory, has been a steady money spinner for the firms.
PwC Australia vows shakeup after tax leak scandal
PwC Australia has admitted to "repeated failures of leadership" following a tax leak scandal that damaged its reputation. An independent review highlighted shortcomings including a focus on doing "whatever it takes" and a perception of cronyism. The firm has already sacked executives and sold its Australian government advisory business.
Digital shift makes tech consulting a key area for Big 4
The Big Four accounting firms, Deloitte, EY, KPMG, and PwC, are experiencing high demand for digital services from traditional and new companies seeking technology upgrades. With their combined full-time tech consultants in India exceeding 36,000 and growing rapidly, tech consulting is turning into an unlikely battlefront for the firms. Besides its well-established technological strengths and deep industry expertise and knowledge, the multidisciplinary and comprehensive tech services rendered by these firms are major factors that have put them in a sweet spot to take advantage of the current focus on digitisation.
RBI may go in for 25 basis point interest rate hike in monetary policy meet next month, say experts
The Monetary Policy Committee (MPC) of the Reserve Bank will be meeting for three days on April 3, 5 and 6 to take into account various domestic and global factors before coming out with the first bi-monthly monetary policy for fiscal 2023-24.
Fintech firms may struggle to find investor love in rebounding US IPO market
Activities related to initial public offerings (IPO) in the United States came to a standstill for more than a year as the U.S. Federal Reserve's aggressive monetary-tightening policy sucked out easy money from the system.
Big 4 are now emerging as big force in M&A I-banking, too
And, as demand for M&A has grown, particularly in the rapidly expanding mid-market, the firms have filled a market void by initially focusing on mid- and small-sized deals with lower fees and higher volume - and then, in the last four years, going after larger deals.
India has a big opportunity to be relevant in global supply chains and ESG: PwC chairman Bob Moritz
PwC believes in keeping the audit and advisory business under one roof as they need multiple competencies and capabilities at scale to deliver quality services, said Bob Moritz, the global chairman, PricewaterhouseCoopers International.
Consultancies fear WFH affecting soft skills in new hires
From holding a conversation to ordering wine to breaking the ice with clients, top consultancies and law firms are increasingly realising that young executives have missed out on personal attention from senior executives that helps develop them into leaders.
IT firms have people problems; TikTok owner explores India return
Ironically, many IT companies have asked these very firms for advice on reducing attrition. As for employees that haven’t jumped ship, IT firms are pulling out all the stops to get them to return to office.
Deloitte, PWC, EY, and KPMG on a hiring spree in India
According to exclusive data shared by specialist staffing firm Xpheno with ET, in the financial year 2021-22, the Big Four and their subsidiaries in the country together created about 55,000 new jobs. About 52,000 of these jobs were created in the technology function alone, as companies sought professional help amid an accelerated pace of digitisation.
EY, PwC, Deloitte and KPMG hiring more fresh graduates amid a surge in business
A big focus this year will be on tech roles such as data science, digital analytics, design, compliance services, cyber security, etc. as consulting companies saw a huge spurt in revenue growth in technology advisory and other technology-related practices with most Indian companies accelerating their digital implementation since the outbreak of Covid-19.
Babus in high demand: Big 4, professional services firms start roping in govt officials
The Big Four are said to have 40-60 ex-government employees on their rolls or engaged in advisory capacity—and the numbers are rising. In many cases the consultancy firms are offering benefits to government officials so that they can take an early retirement, or in some cases reject extension offers.
PwC India to invest Rs 1,600 crore, create 10,000 additional jobs over 5 years
PwC said in the next five years, it will seek to enhance focus on existing tech-led alliances and explore avenues in areas of emerging technologies and work towards a minimum of 40 per cent gender diversity.
Post Pegasus, big Indian companies tighten cyber security measures to ward off snooping
From upping their internal security to creating centralised servers and from getting vulnerability tests to sensitising the senior management about cyber risks, the Pegasus spyware incident has brought the spotlight on rapidly emerging enterprise threats from cyberspace.
A&M poaches forensic services leader from PwC India to head its risk and regulatory practice
In his current role, Puri will lead A&M India’s risk and regulatory offering and will be responsible for broadening the group’s overall advisory business in North India, the firm said in a statement on Monday.
Top consultancy firms strengthen India team to ride WFH windfall
PwC, EY, KPMG, Evalueserve, Alvarez & Marsal are pushing due diligence, deal preparation and documentation-related work to India, and passing on the benefits of the wage arbitrage to clients.
Consulting firms unaffected by Covid, on a hiring spree
Even as a rising second Covid-19 wave sweeping across the country has prompted several companies to go slow on their hiring plans, companies like McKinsey, BCG, PwC, KPMG, Grant Thornton, and EY said they are hiring significantly across levels and functions.
PwC announces one time bonuses for all its 15,000 employees
This comes about a year after the firm had taken measures to conserve working capital amidst Covid pandemic. March last year the firm had deferred promotions, increments and bonuses of India employees.
Can companies drive social change? PwC's Roy Weathers on racial equity
The U.S. vice chair of accounting and advisory giant PwC is spending most of his time these days heading up CEO Action for Racial Equity, a group of more than 100 prominent firms and chief executives trying to move the needle on social issues.
PwC India may take up to two years to reach pre-Covid growth level: PwC India chairman
“For FY 21, we will grow at the FY 20 level, give or take a couple of percentages—up or down. In the context of the year we have had and the challenges we have faced, this growth to me is a reasonable achievement. I do not think that FY 21 or 22 will also be normal years because there could still be some amount of difficulty in parts of the ecosystem,” Krishan said.
GAIL in talks with IL&FS, US Fund for stake in ONGC Tripura Power
The deal could resolve debt worth Rs 4,000 crore on the books of ONGC Tripura. Since it is 26% owned by IL&FS, the sale would have a positive impact on debt owed by IL&FS as well.
Will India follow UK regulator and tell Big Four firms to split audit and non audit businesses?
The UK accounting watchdog asked the Big Four to split their audit and consulting businesses.
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