The investment and consulting firm PricewaterhouseCoopers (PwC) has decided to leave over a dozen countries. PwC has reportedly shut down operations in more than a dozen countries that are deemed too small, risky or unprofitable, as the Big Four accounting firm aims to prevent repeats of scandals that have affected it, the Financial Times reported on Wednesday.
Mounting risk was the reason the firm decided to abandon its operations in several African countries. The decision was taken due to mounting differences with local partners, the FT said, citing people familiar with the matter.
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PwC has reportedly shut operations in the Ivory Coast, Gabon, Cameroon, Madagascar, Senegal, the Democratic Republic of Congo (DRC), Congo Republic, Republic of Guinea and Equatorial Guinea, it said in a statement published on its website on March 31.
What is PricewaterhouseCoopers (PwC)?
PricewaterhouseCoopers (PwC) is a global professional services firm and one of the “Big Four” accounting firms alongside Deloitte, EY, and KPMG. Headquartered in London, PwC operates in over 150 countries and employs more than 300,000 people worldwide. The firm was established in 1998 through the merger of Price Waterhouse and Coopers & Lybrand, and rebranded simply as “PwC” in 2010.
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PwC provides a wide range of services across three main areas: Assurance, Advisory, and Tax. In Assurance, PwC audits financial statements and helps companies meet regulatory requirements. Its Advisory services support organizations with strategy, operations, risk management, technology, and digital transformation. The Tax division offers planning and compliance for corporate, international, and personal tax needs. In some regions, PwC also provides legal services.
The firm serves clients across various industries including finance, healthcare, technology, and government. Known for its high standards of professionalism and integrity, PwC is often recognized as a top employer globally. It works with a large number of Fortune 500 companies, providing insights and solutions that help businesses solve complex problems, improve performance, and navigate change. PwC is also committed to sustainability, innovation, and digital transformation.