Learning to face the inevitable
PricewaterhouseCoopers has seen the future and it only works if the firm tears itself asunder.
PricewaterhouseCoopers has seen the future and it only works if the firm tears itself asunder.
In spinning off – possibly selling off – its consultancy arm, PwC has sought to jump before it is pushed. With the US Securities and Exchange Commission’s concern about audit independence still very much alive – and other regulators also questioning the viability of the status quo – all PwC has done is bring forward the inevitable.
Some will see this as a sign that the wheels are coming off the juggernaut that is PwC and the merger is not the success the firm has sought to portray. But the ground-breaking move is less about that than about the changing face of business and regulation.
Capital markets drive businesses which drive professional firms. There are other factors – from the House of Lords ruling on Chinese Walls in the Prince Jefri case to the e-business gold rush and the rich seam of consulting revenues waiting to be mined. But it is the market – and its regulators – that rule supreme.
In the short-term PwC risks surrendering its position as the world’s largest professional-services firm. After all, its consulting arm – which is growing at three times the rate of audit and advisory services – contributed more than a quarter of its $17.3bn global revenues last year.
Any surrender, however, would only be temporary. It is not a question of whether other big firms will follow suit, but when.
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