PwC Scales Back Operations in More Than a Dozen Countries to Avoid Scandals

CONSULTING

PwC Scales Back Operations in More Than a Dozen Countries to Avoid Scandals

PwC has closed operations in over a dozen countries, including nine in Africa, as part of a strategic move to minimize exposure to financial and reputational risks.

This decision follows significant regulatory penalties, such as a $62 million fine and a six-month suspension in China for audit failures related to the Evergrande scandal, and a £4.5 million fine in the UK over the Wyelands Bank audit.

The firm has also faced internal challenges, including job cuts and delayed promotions, due to slowed revenue growth and increased scrutiny over its auditing practices.

Despite these setbacks, PwC reported a 9% revenue growth to £6.3 billion in 2024.

I thought the goal is to make it harder for companies to replace us with AI?

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BANKING

US Banks Maintain Headcounts Despite Market Turmoil

For the time being, the market turmoil caused by a global trade war has not yet affected US Bank headcounts.

While many banks reported healthy earnings in the past quarter, the looming trade war has a high chance of triggering job cuts later in 2025.

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MARKETS

Saudi IPO Plans Don’t Flinch Amidst Market Volatility

Saudi Arabia is preparing for several companies to launch initial public offerings (IPOs) soon, despite global market uncertainty.

Companies such as Flynas, a budget airline supported by Prince Alwaleed bin Talal, and Ejada Systems, a financial tech firm owned by a major Saudi bank, may start selling shares this month.

Another company, Specialized Medical Co., which runs hospitals, is also thinking about going public.

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