PwC begins reorganization of UK business to include standalone technology and AI divisions

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PwC's new UK CEO has set out to reorganize its operations in the UK, including creating a standalone technology and artificial intelligence division. This is a move approved by superiors and may make employees feel uneasy.

The Big Four accountancy firm told staff last week it would begin to reorganize its business areas, affecting about 2,700 staff and partners, adding it was part of a new vision to become an outstanding firm. Financial Times.

Under the plan, PwC will create a digital delivery division focused on technology innovation, AI engineering, cloud and data. The firm also plans to move and merge certain functions, overhauling parts of its consulting, trading, risk and tax practices and creating six new teams.

This is the largest internal reorganization of PwC's UK business in many years. It also marks the latest reorganization of the Big Four accounting firms as the industry grapples with how best to adapt to changing client demands and shape the fledgling AI advisory business that partners see as a lucrative growth area.

The reorganization will bring about upheaval for around a tenth of PwC's UK workforce, who will move to new teams and service lines. Reorganization within a professional services firm can often result in competition for position within the business.

PwC's UK managing partner Laura Hinton, who was runner-up to Marco Amitrano in the race to lead the firm earlier this year, was dispatched to break the news to staff last week via a pre-recorded video message.

In a message seen by the FT, Hinton said the reorganization was designed to simplify the business and reduce duplication. She added that this would create scale and increase market influence.

I know that for some people, change can feel energizing, but for others it can feel unsettling, Hinton said. As we continue to adapt to our customers' needs, it's important for us to become more agile while continuing to support each other.

Details of Amitranos' broader strategy for the company will be shared with its more than 1,000 partners at a briefing on Wednesday, according to multiple sources familiar with the matter.

It comes after a bruising period for the industry, with PwC reporting last month that average partner pay had fallen as revenue growth slowed and provisions for costs and legal claims hit profits.

Rival Deloitte, which earlier this year embarked on a reorganization of its global operations to cut costs and reduce the group's complexity, also recorded a fall in average partner pay and slower growth.

PwC's reorganization is not intended to cut costs and will not lead to new layoffs, according to a person briefed on the plans. The company shed hundreds of jobs last year due to the market downturn and quietly began layoffs in the UK earlier this year.

Hinton said the new digital delivery division would have 900 technicians working across the company's various service lines. A name is also given to the market.

These plans are a work in progress, so she doesn't have all the details or answers, but wants to share them to be open and transparent, she said.

Separately, corporate consulting leaders dismissed speculation that PwC was planning to sell its strategy consulting arm Strategy& to Bain & Co or another buyer, telling staff that industry rumors were inaccurate. F.T.

In a statement to the FT, Amitrano said the changes reflect our strategic focus on clients, technology and PwC's global network. This makes it easier for us to collaborate and mobilize our teams to better serve our customers. The amendment will take effect from January next year.

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