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.



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