By Lewis Jackson SYDNEY (Reuters) - PwC Australia on Friday said the spin-off of its government consulting business and other costs from a tax scandal ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOSSYDNEY - PwC Australia on Friday said the spin-off of its government consulting business and other costs from a tax scandal will leave a double-digit revenue hole and require partners take an income haircut.
PwC Australia agreed in June to sell its lucrative government practice to private equity firm Allegro Funds for A$1 as public sector departments froze ties with the tainted brand and cabinet ministers lined up to condemn its use of confidential tax documents to solicit business. To help offset the revenue hole and avoid job losses or wage cuts, partners who share in PwC Australia profit will take a 30% income hit this financial year.
"We didn't get it right, but our focus has, and always will be, on our clients, as we take the necessary steps to re-earn trust with our stakeholders."
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