He said this was just one option open to the firm under the plans to separate the firm into two or more separate units.
Under the plans, only audit, tax and business advisory services will remain under the PricewaterhouseCoopers banner.
Hazell confirmed the motivation behind the change had come from clients who were keep for the firm to establish more partnerships and alliances, and that this ‘second stage’ had been embarked upon from a position of enormous strength.
‘We are market leaders in all of the businesses that we choose to operate in. The merger gave us choice,’ he said.
However, regulatory constraints, particularly under tough US Securities and Exchange Commission rules, have made it hard for the firm to raise cash because of its audit relationships.
Most recently, the SEC produced a damning report on share ownership of staff at the firm, but Hazell said that this was a separate issue and the restructuring was nothing to do with the infractions.
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