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PricewaterhouseCoopers International Limited is a multinational professional services brand of firms, operating as partnerships under the PwC brand. It is the second-largest professional services network in the world and is considered one of the Big Four accounting firms, along with Deloitte, EY, and KPMG. PwC firms are in 157 countries, across 742 locations, with 328,000 people. As of 2019, 26% of the workforce was based in the Americas, 26% in Asia, 32% in Western Europe, and 5% in Middle East and Africa. The company's global revenues were US$50.3 billion in FY 2022, of which $18.0 billion was generated by its Assurance practice, $11.6 billion by its Tax and Legal practice and $20.7 billion by its Advisory practice. The firm in its recent actual form was created in 1998 by a merger between two accounting firms: Coopers & Lybrand, and Price Waterhouse. Both firms had histories dating back to the 19th century. The trading name was shortened to PwC in September 2010 as part of a rebranding effort. The firm has been embroiled in a number of corruption controversies and crime scandals. The firm has on multiple occasions been implicated in tax evasion and tax avoidance practices. The firm has frequently been fined by regulators for performing audits that fail to meet basic auditing standards. Amid Russia's war in Ukraine, PwC has helped Russian oligarchs to hide their wealth and helped to undermine the global sanctions regime on Russia over its invasion of Ukraine. History The firm was created in September 1998 when Coopers & Lybrand merged with Price Waterhouse. Coopers & Lybrand In 1854, William Cooper founded an accountancy practice in London. It became Cooper Brothers seven years later when his three brothers joined. In 1898, Robert H. Montgomery, William M. Lybrand, Adam A. Ross Jr. and his brother T. Edward Ross formed Lybrand, Ross Brothers and Montgomery in the United States. In 1957, Cooper Brothers, along with Lybrand, Ross Bros & Montgomery and a Canadian firm (McDonald, Currie and Co.), agreed to adopt the name Coopers & Lybrand in international practice. In 1973, the three member firms in the UK, US and Canada changed their names to Coopers & Lybrand. Then in 1980, Coopers & Lybrand expanded its expertise in insolvency substantially by acquiring Cork Gully, a leading firm in that field in the UK. In 1990, in certain countries, including the UK, Coopers & Lybrand merged with Deloitte, Haskins & Sells to become Coopers & Lybrand Deloitte; in 1992 they reverted to Coopers & Lybrand. Price Waterhouse In 1849, Samuel Lowell Price, an accountant, founded an accountancy practice in London. In 1865, Price went into partnership with William Hopkins Holyland and Edwin Waterhouse. Holyland left shortly afterwards to work alone in accountancy and the firm was known from 1874 as Price, Waterhouse & Co. The original partnership agreement, signed by Price, Holyland, and Waterhouse could be found in Southwark Towers. By the late 19th century, Price Waterhouse had gained recognition as an accounting firm. They opened an office in New York City in 1890, and the American firm expanded. The original British firm opened an office in Liverpool in 1904, and then elsewhere in the United Kingdom and worldwide, each time establishing a separate partnership in each country: the worldwide practice of Price Waterhouse was, therefore, a federation of collaborating firms that had grown organically, rather than the result of an international merger. In a further effort to take advantage of economies of scale, PW and Arthur Andersen discussed a merger in 1989 but the negotiations failed, mainly because of conflicts of interest such as Andersen's strong commercial links with IBM and PW's audit of IBM, as well as the two firms' radically different cultures. It was said by those involved with the failed merger that at the end of the discussion, the partners at the table realized they had different views of business, and the potential merger was scrapped. 1998 to present In 1998, Price Waterhouse and Coopers & Lybrand merged to form PricewaterhouseCoopers (written with a lowercase "w" and a camel case "C"). At that time, MCS was the largest and fastest growing division. The fallout from the Enron, Worldcom and other financial auditing scandals led to the demise of Arthur Andersen, reducing the count of the Big Five accounting firms down to the Big Four and spurring passage of the 2002 Sarbanes–Oxley Act (SOX). Among other restrictions, SOX severely limited overlap between management consulting and auditing services. PwC Consulting continued to split itself off, conducting business under its own name and branding rather than as the MCS division of PwC. Around July 2000, PwC began to prepare for either an acquisition or IPO by developing separate financial records that would be required for due diligence. PwC leadership began to seek buyers, with an initial interest by Hewlett-Packard for a reported $17 billion but negotiations broke down in 2000. Almost a year after the collapse of Arthur Andersen in 2001, Arthur Andersen, LLP affiliates in Hong Kong and China completed talks to join PricewaterhouseCoopers, China. In 2000, PwC acquired Canada's largest SAP consulting partner, Omnilogic Systems, to add to its relatively nascent consulting presence in Canada. PwC announced in May 2002 that PwC Consulting would be spun off as an independent entity and filed with the SEC for an initial $1B IPO to trade in August. Because PwC accounting partners owned 60% of PwC Consulting, an IPO or acquisition was seen as the only way to split the two firms without decimating the consulting arm's working capital. PwC Consulting leadership continued to fluff financials by expanding across-the-board pay cuts, terminating its variable compensation program, and furthering deep layoffs, all rare actions in the industry. In June 2002, PwC Consulting hired Continental Airline's Greg Brennerman as CEO to run the global division. A week later, it was announced that an outside consultancy, Wolff Olins, had created new branding for the consulting group, called "Monday". The firm's CEO, Greg Brenneman described the unusual name as "a real word, concise, recognizable, global and the right fit for a company that works hard to deliver results." In July 2002, it was rumored that PwC was in talks with an unknown public company, as no PR space or announcement for the impending IPO had been set. Those rumors were confirmed August 2002, when PwC announced it was selling Monday to IBM for approximately $3.5 billion in cash and stock. Monday was consolidated into IBM Global Business Services while partners became employees for the first time. The acquisition had a modest increase in the size and capabilities of IBM's growing consulting practice, as IBM had 150,000 employees at the time, while Monday carried just 30,000 at the time. However, it was seen as a win by IBM since Pw.... Discover the Ellison Cooper popular books. Find the top 100 most popular Ellison Cooper books.