PricewaterhouseCoopers
Who are PricewaterhouseCoopers
Founded in 1998, when accounting practices Coopers & Lybrand and Price Waterhouse merged together, PricewaterhouseCoopers has provided financial services for clients in over 26 industries for over two decades. Both its parent firms originated in London during the mid-1800s.
William Cooper founded an accountancy practice in 1854, which later became Cooper Brothers seven years later. In 1954, the firm agreed with Lybrand, Ross Bros & Montgomery and McDonald, Currie and Co. to adopt the name Coopers & Lybrand when practicing internationally.
Accountant Samuel Lowell Price partnered with William Hopkins Holyland and Edwin Waterhouse in 1865, which later became known as Price, Waterhouse & Co. In 1998, Price Waterhouse and Coopers & Lybrand merged together.
In 2010, the firm shortened its name to PwC, which is what it is more commonly known as, however legally remains PricewaterhouseCoopers.
Currently, Kevin Ellis serves as the alliance senior partner for PwC UK and the Middle East.
What do they do
Today, the accountancy giant focuses on delivering services relating to tax, assurance, auditing, crisis management and transactions, among other things, to its clients and stakeholders globally. Furthermore, PwC offers its expertise and influence to assist governments, non-profit organisations, relief agencies and high education institutions in addressing their business issues.
Recent financials
In FY23, PwC saw reported £5.8bn in revenues, a 16% increase compared to the year prior.
By the end of the financial year, ending 30 June 2023, profit had fallen to £1.3bn, with the average distributable profit per partner falling to £906,000 in comparison to £920,000 in 2022.
The firm’s consulting division reported the highest revenues at £1.7bn, while PwC’s audit division reported £1.3bn and the tax division reported £1.2bn over the period. Revenues for the firm’s auditing services rose to £965m for the year, an increase from the £818m reported in FY22.
PwC’s tax practice was previously split into two separate “trust solutions” and “consulting solutions” divisions under Tim Ryan’s tenure. However, following widespread discontent among tax partner, the firm is set to reverse the tax split under the leadership of incoming senior partner Paul Griggs.
In the news
Recently PwC has appointed Marco Amitrano, currently managing partner and head of clients and markets, as the alliance senior partner for its UK and Middle East divisions, effective from July 1, 2024.
With a career spanning 32 years at the firm, Amitrano has held various leadership positions, including head of consulting for EMEA and global head of risk assurance services, demonstrating a strong focus on technology and transformation. He has played a pivotal role in guiding clients through strategic change programs and championed diversity, equity, and inclusion initiatives, including sponsoring the neurodiversity network.
Amitrano emphasised the importance of staying ahead of the curve while preserving PwC’s unique qualities for both its people and clients. Kevin Ellis, senior partner at PwC UK, praised Amitrano’s leadership qualities, highlighting his deep understanding of the firm’s business, markets, and commitment to its values. Ellis expressed confidence in Amitrano’s ability to lead PwC into its next chapter, underscoring the partners’ choice as fitting for the firm’s future endeavors.