Chief executive James J. Schiro said: ‘It is unfortunate that market conditions caused our discussions to terminate.
‘Our priorities continue to be serving our clients effectively, growing our business and providing our people with challenging and rewarding career opportunities’.
Schiro stated that PwC would continue with its previously stated plans to restructure its business to respond to the evolving needs of its clients in the networked economy.
He added: ‘We remain committed to developing a structure that will allow all our businesses to flourish while maintaining the professional independence and objectivity necessary to ensure healthy capital markets’.
HP chief executive Carly Fiorina earlier today revealed the shock withdrawal from the $17billion negotiations as the company reported fourth quarter earnings shortfalls.
PwC decided to sell off its consulting business in the face of the US Securities and Exchange Commission’s concerns that the Big Five firms should split their audit and consulting divisions.
The US regulator is due on Wednesday to announce the result of its two year review of the profession, but is tipped to be poised to back down from its plans to shake-up the profession.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Just one half of UK practices have implemented a pricing structure around auto enrolment implementation and advice - with many suffering increased costs
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast
Accountants should alter their perspective on auto-enrolment to maximise business opportunities, according to Eric Clapton.