Economy

Pay cuts at PWC as profits dented due to Brexit

Pay cuts at PWC as profits dented due to Brexit”

The firm said this was driven by the fact there were fewer BAME staff in senior roles and more in junior and administrative positions.

PwC said that it had calculated its BAME pay and bonus gaps using the same methodology as the Government requires for the gender pay gap, based on the data the firm has available from employees.

Its BAME pay gap is now 12.8 per cent and the BAME bonus gap is 35.4 per cent.

Profits were £822m down by 1 per cent on the prior year, which PwC said came as the firm continued to invest heavily in people, technology and growth areas.

"We're hoping that BAME pay reporting can do the same for tackling ethnicity challenges", it said.

"We're aiming to achieve this through stronger accountability across our business to deliver our gender and ethnicity targets, monitoring our pipelines on a more regular basis and making sure that all of our people can benefit from the most stretching of client engagements", he said. Its gender pay gap also improved this year and is now 13.7%, down from 15.2% in 2016.

The company published the new BAME figures alongside its annual results for the year to the end of June.

Last month, Britain's second-placed firm Deloitte reported an 11 per cent growth in revenue to £3.4bn, figures which included returns from its Swiss arm.

PwC's consulting, tax and assurance business divisions all saw revenues rise, but income from its deals business fell by 1%.

Fallout from Britain's vote to leave the European Union, June's unexpected general election and the US election "are still being felt by the United Kingdom, by our clients and our firm", chairman and senior partner Kevin Ellis said.



Like this

loading...
loading...

Latest


18 September 2017
Wet spell in Kerala to continue, educational institutions to remain closed
A seven-year-old girl, Athira, was killed in a landslip following heavy rains in Attappady in Palakkad district. Anakkal, Puthur and Jellyppara areas in Attappady, where the landslip was reported, were affected the most.

18 September 2017
Rohingya presence threat to national security : Centre tells Supreme Court in affidavit
According to reports, it is also expected that the Centre will also submit a confidential report along with the final affidavit . The Court also granted time to the petitioners to file rejoinder and posted the matter for hearing on October 3.

18 September 2017
PM Modi condoles Lok Sabha MP Mahant Chand Nath's death
Chandnath was suffering from cancer and the end came at a hospital in Delhi, BJP's Rajasthan spokesperson Anand Sharma said. Lok Sabha MP from Alwar and head of Rohtak's Baba Mastnath Math, Chand Nath Yogi passed away here on Sunday.

18 September 2017
Husband killed wife, intentionally blew up Madison home
Steven Pirus, 59, is expected to face charges of first degree intentional homicide, arson and recklessly endangering safety. He is accused of killing his wife, 50-year-old Lee Anne Pirus, and burning down their house to mask that he had done so.

18 September 2017
Riz Ahmed first Asian man to win acting award at Emmy
Buzzfeed notes Ahmed is the first male actor of Asian ancestry to win an acting Emmy, and the second of any gender to do so. Donald Glover became the first black person to ever win the Outstanding Directing In A Comedy Series with Atlanta .

18 September 2017
Rahul Gandhi wishes Modi on birthday, Digvijaya asks PM to 'correct mistakes'
Harbhajan Singh was not too far behind as he too joined Suresh Raina in wishing the Prime Minister. Anil Kapoor: A leader is the one who knows the way, goes the way and shows the way.

18 September 2017
US Gasoline Inventories' Largest Weekly Drop in 27 Years
Baker Hughes reported the number of active US rigs slipped by 8 to 936, as refineries hit by Hurricane Harvey also went offline. A market survey estimated that U.S. gasoline inventories might have fallen by 2 MMbbls from September 1 to 8.

18 September 2017
Florida Governor Imposes New Rules After Nursing Home Deaths
They found three people dead and evacuated 145 people to hospitals, many on stretchers or in wheelchairs, authorities said. Rick Scott, a two-term Republican, would run for the Senate, where Democrat Bill Nelson is up for re-election next year.

18 September 2017
Samsung Galaxy J7 2016 Nougat Update rolling out to South American Countries
You should also have a battery that is at least half charged so that your device won't turn off during software installation. The handset that launched earlier this year had Android 6.0 Marshmallow on-board its internal storage out of the box.

18 September 2017
Ibrahim Brothers Extradited To Sydney From Dubai
Fadi Ibrahim, 43, is alleged to have played a role In helping secure the funding and importation of illegal tobacco. The men had spent nearly six weeks in a Dubai prison, after being arrested by Australian Federal Police officers.