PracticeAccounting FirmsPwC front runner for lucrative Lloyds-HBOS audit contract

PwC front runner for lucrative Lloyds-HBOS audit contract

PricewaterhouseCoopers is the front runner to win the lucrative audit contract for the merged Lloyds-HBOS superbank

PricewaterhouseCoopers (PwC) is in the fore runner to win the multi-million
pound audit contract for the merged
Lloyds ‘superbank’, if
its takeover of HBOS goes through, according to sources.

PwC, which is the incumbent Llotds TSB auditor, billing the bank £12m last
year, is understood to be recruiting heavily in preparation for the Lloyds-HBOS
merger going through, leaving rival KPMG – which audits Bank of Scotland – with
a big gap in its fee income, Scotland on Sunday reports.

Neither KPMG nor PWC would comment on the speculation, but KPMG confirmed it
was reviewing its Edinburgh tax and advisory division which would lead to job
cuts.

HBOS shareholders are expected to approve the merger between HBOS and Lloyds
on Friday, assuming that a legal challenge from the
Merger Action
Group
fails.

Further reading:

Lloyds TSB-HBOS integration could generate £1bn in
savings

Tim Tookey to lead Lloyds-HBOS future

Read
the Scotland on Sunday story

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