Finance

PwC plans $12bn investment for 100,000 new jobs to boost ESG expertise for clients

Big Four accountancy firm PwC has said it will invest $12bn to create 100,000 new jobs globally over the next five years as part of a new strategy.

The UK arm of the business plans to invest $1.2bn over the next three-to-four years in areas including environmental social and governance and technology, with a focus on creating jobs, the firm announced on 15 June.

The firm said it would invest $1bn globally in technology that would help it automate the audit process.

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The global firm is also launching a “leadership institute” based in the US, which aims to “empower more than 10,000 of today’s and tomorrow’s C-suite leaders, executives, and board members to build trust,” the firm said.

“We want our people to be the most sought after in the market, because they have the technical, digital and human skills needed to build trust and deliver sustained outcomes,” PwC’s global chair Bob Moritz said.

Kevin Ellis, UK chairman and senior partner at PwC, said: “We continued to recruit throughout the pandemic, and now the market opportunity from areas including digitisation, transformation and ESG will drive an increase in our workforce from 22,000 to 26,000 over the next five years. It is about building new talent and re-skilling existing talent, with a focus on technology jobs and skills, supporting school leavers, apprentices and graduates to build resilient careers”

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PwC generated revenue of $43bn in 2020, with its UK arm increasing revenue 3% to £4.3bn in the year to 30 June.

Profit at the UK arm fell 10%, which the firm blamed on the impact of the coronavirus pandemic. Overall profit fell 8% to £938m and average partner pay fell to £685,000 from £765,000 the previous year.

To contact the author of this story with feedback or news, email James Booth

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