PwC Australia to shift to three divisions

The embattled accounting and advisory group says there will be no job losses from its latest restructure.

PwC Australia will create three new divisions in a restructure of operations. Picture: Gaye Gerard/NCA NewsWire

PwC Australia will restructure its business units, empowering three key divisions of the firm in the latest reorganisation of the audit and consulting giant.

The firm confirmed it would hand power to four key partners, who will lead newly minted advisory and assurance, plus tax and legal operations, in a consolidation of the sprawling firm’s arms.

This move, which a PwC spokesman said represented a “realigning” of internal teams, will see no job losses and comes as the latest organisation of the firm after chief executive Kevin Burrowes outlined a new three-year strategy in April. The firm is now prioritising its work in artificial intelligence, climate, business model reinvention, and trust in what matters.

“This realignment will enhance collaboration and ensure we are leveraging our multidisciplinary solutions to meet our clients rapidly changing needs,” a PwC spokesman said.

The new structure will take effect from July 1.

“This is a positive step which will make it simpler for our people to work and solve problems together, ensuring the best outcomes for our clients,” a PwC spokesman said.

“This realignment does not involve redundancies, rather it will position PwC well for future growth, as we continue to deliver on our commitments to change.”

PwC’s new advisory operation will see the firm lump its consulting, deals, and private businesses under one operation.

This division will be led by PwC’s existing consulting leader, Rohit Antao, and financial advisory leader Rob Silverwood.

Mr Silverwood was key to PwC’s move to sell its government consulting business to private equity players Allegro Funds in a $1 deal in the wake of revelations PwC had misused confidential tax information.

The sale saw PwC dramatically shrink its operations and headcount.

Former PwC acting CEO Kristin Stubbins at Parliament House.

Mr Antao was handed power over the consulting division after long-time head David McKeering gave notice he would leave the firm.

PwC’s new Assurance operation will carry over the firm’s existing audit and risk capabilities, which will be joined by the firm’s sustainability reporting and digital trust businesses from its former consulting structure.

PwC veteran Sue Horlin will continue to lead the division after taking over from Kristin Stubbins, who briefly led the firm in the wake of the tax scandal.

The tax and legal division will roll up PwC’s formerly powerful tax business, which had found itself embroiled in the scandals surrounding the firm, as well as the legal operations, which were neutered under a recent restructure.

Tax business leader Chris Morris will be handed control of the division.

The move to restructure the firm into the three key divisions mirrors the operational structure of the firm’s US business.

The newly announced structure comes after PwC slashed staff in March, cutting 339 staff and 37 partners across the firm, coming in the wake of a review of the audit and consulting giant’s operations.

This was after Mr Burrowes, PwC CEO, moved to slash headcount late last year closing the firm’s Adelaide skilled services hub and axing 141 jobs.