PracticeConsultingPwC issued finding demand to US partners and admits merger costs have been higher than expected

PwC issued finding demand to US partners and admits merger costs have been higher than expected

PricewaterhouseCoopers issued an urgent demand for $160m (£97.5m) of capital last year to partners in the US, according to reports this morning.

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.’

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