Tuesday, August 22, 2023

TELL ME ABOUT UPS DRIVERS AGAIN
PwC partners to be paid £906,000 this year

Rob Davies
Tue, 22 August 2023 

Photograph: Leon Neal/Getty Images

More than 1,000 partners at the UK division of the “big four” accounting firm PwC will be paid £906,000 this year, a slight fall on last year’s record payout as profits fell despite rising revenues.

Unaudited accounts released by the company showed that PwC’s UK profit fell from £1.5bn to £1.3bn in 2022, although last year’s figure was boosted by a £139m gain from the sale of its global mobility business.

Excluding the asset sale, revenues rose by 18%, from £4.9bn to £5.8bn.


Last year PwC’s partners celebrated their highest-ever personal rewards, pocketing more than £1m each as their record £920,000 basic pay was topped up by a £100,000 bonus.

The top-up was linked to the $2.2bn (£1.7bn) sale of a business providing tax advice for companies moving staff overseas to US private equity firm Clayton, Dubilier & Rice.

There was no such
 bonus for 2023, while basic pay for the 1,057 partners dipped to £906,000.

















Kevin Ellis, the chair and senior partner at PwC, said senior partner profits were still ahead of forecasts, highlighting investments in staff and technology, including AI, which had increased costs.

“Against a backdrop of political and economic upheaval, our multidisciplinary business has charted a strong course.

“Considering the sizable investments we’ve made in our people and technology, partner profits beat our forecasts. Our strong performance is due to the adaptability of our business in supporting our clients and is a credit to the talent of our people.”

PwC invested £100m in new technology, while UK staff numbers increased from 24,500 to 26,000.

The company said it had also paid about half of that workforce an extra £1,500 over five months to help them cope with soaring winter energy bills.

The group’s UK results also include its Middle Eastern business, which was the driver of 30% growth in revenues from PwC’s consulting business, up from £1.3bn to £1.7bn.

This was down to Gulf countries seeking to “modernise and diversify the region’s economy beyond oil”, PwC said.

Ellis added: “The economy may be sluggish but it is also changing as new technologies and the climate emergency change production and consumption.

“We will continue to invest in skills and technology so we can help our clients and communities adapt. This way we can address the unknowns with confidence – both the challenges and opportunities.”

PwC’s UK division and its partners operate separately from PwC Australia, which is at the centre of a scandal that has cost 12 partners their jobs.

The Australian outpost of the big four accounting firm is subject to several investigations, including a criminal inquiry, after its now-former international tax chief Peter Collins used confidential information and documents obtained through government contracts for the firm’s commercial gain.


Twelve partners have been forced out as a result of the scandal. Some are accused by PwC of misusing classified information, while it is alleged others did not properly exercise their expected leadership or governance responsibilities.





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