News of the demand, reported in this morning’s Financial Times, coincided with an admission by the firm that merger costs proved higher than expected since the firm’s creation 18 months ago.
PwC is understood to have asked for increased capital from its US partners on October 15 last year, requesting that it be funded by November 24. The firm declined to confirm details.
‘We don’t discuss these matters publicly,’ a spokesman said. ‘We are a partnership and that’s considered to be a private partner matter.’
PwC admitted it had spent more than it expected on integration, but declined to give figures. ‘The over-runs were small,’ a spokesman told the FT. ‘We had set as a goal to be fully integrated in a year and we achieved that.’
A new head of solutions, Aidan Brennan, has been appointed at KPMG UK
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