PwC’s 882 partners are already wearing the financial pain of the tax scandal with average incomes down last year and expected to take a 30 per cent drop this year.
PwC’s partners have copped a hefty pay hit, despite the embattled firm’s full-year revenue rising 11 per cent to $3.35 billion, as theIncome for the 882 PwC partners last year declined 12 per cent, PwC said on Friday without providing further details.
“I want to thank our people for their resilience, their continued focus on our clients and the high quality of their work in the face of what has been a difficult time for them at the firm.”The latest numbers will be the last from the firm as an intact business. PwC is due to spin off its government advisory business later this month in a $1 deal with private equity group Allegro Fund. The measure is designed to combat an effective government ban on doing business with PwC.
“This divestment, along with the ongoing reputational challenges the firm faces, will impact our FY24 results. To manage this, the owners of our firm – our partners – are taking a target income reduction of up to 30 per cent in FY24,” PwC said.PwC delayed the release of its transparency report until later this year in order to incorporate the findings of the report on the independent review of the firm’s governance, accountability and culture by Ziggy Switkowski.
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