PwC has shut down operations in over a dozen countries considered too small, high-risk, or unprofitable, according to the Financial Times. This strategic move aims to avoid further reputational damage following a series of global scandals. Sources cited by the FT revealed growing tensions between PwC’s global leadership and local partners, with some local leaders claiming they lost over a third of their business after being pressured to drop high-risk clients.
The firm has seen a decline in clients and workforce reductions since last year. While PwC declined to comment to the FT, it also did not respond to Reuters outside business hours.
As part of a broader strategic review, PwC recently severed ties with its firms in Sub-Saharan Francophone Africa. In China, the company’s mainland unit received a six-month suspension and a $62 million fine over audit failures related to the $78 billion fraud by property giant China Evergrande.
In the UK, the Financial Reporting Council fined PwC £4.5 million ($5.96 million) over lapses in its 2019 audit of Wyelands Bank. The firm is also in talks with Saudi Arabia to repair ties after the suspension of dealings with its $925 billion sovereign wealth fund.
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