PwC Partners Taking Early Retirement Jump Amid Consulting Slowdown

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slowdown","image":{"@type":"ImageObject","url":"https://i.insider.com/65e0c43390413ab8e1d7eae3?width=1200&format=jpeg","width":1200,"height":900},"name":"More PwC partners take early retirement amid consulting slowdown","datePublished":"2024-11-23T11:03:01Z","dateModified":"2024-11-23T13:50:54Z","description":"Dozens of UK partners at PwC will reportedly take early retirement in December, ending a year of big change for the firm.","keywords":"","articleBody":"More PwC partners than usual will take early retirement at the end of this year, marking another shake-up at the firm's UK division since the appointment of a new boss, Marco Amitrano, in Spring.PwC's 1,030 UK partners were informed this week via a voice memo from Amitrano that dozens of partners would take early retirement next month, Sky News reported.The cohort of early retirees was larger than usual, though one insider disputed that the numbers involved were \"significant,\" Sky News reported.The Big Four firm appointed 60 new 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data-e2e-name="image-figure-image" data-media-container="image" itemscope itemtype="https://schema.org/ImageObject" > <div class="aspect-ratio" style="padding-top: calc(100% / (2000 / 1333))" > <meta itemprop="contentUrl" content="https://i.insider.com/65e0c42ace7f1785b2e4ff5a?width=700"/> <img src="https://i.insider.com/65e0c42ace7f1785b2e4ff5a?width=700" srcset="https://i.insider.com/65e0c42ace7f1785b2e4ff5a?width=400&format=jpeg&auto=webp 400w, https://i.insider.com/65e0c42ace7f1785b2e4ff5a?width=500&format=jpeg&auto=webp 500w, https://i.insider.com/65e0c42ace7f1785b2e4ff5a?width=700&format=jpeg&auto=webp 700w, https://i.insider.com/65e0c42ace7f1785b2e4ff5a?width=1000&format=jpeg&auto=webp 1000w, https://i.insider.com/65e0c42ace7f1785b2e4ff5a?width=1300&format=jpeg&auto=webp 1300w, https://i.insider.com/65e0c42ace7f1785b2e4ff5a?width=2000&format=jpeg&auto=webp 2000w" sizes="(min-width: 1280px) 900px" alt="PwC" decoding="sync" /> </div> <span class="image-source-caption with-caption-drawer"> <input class="caption-drawer-input" type="checkbox" id="caption-drawer-checkbox"> <label class="caption-drawer-label" for="caption-drawer-btn"> <svg class="svg-icon chevron-down-icon caption-drawer-icon" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 24 24" > <path fill="currentColor" fill-rule="evenodd" d="m19.44 5.5-7.486 7.72L4.56 5.594 2 8.234 11.954 18.5 22 8.14 19.44 5.5Z"/> </svg> </label> <figcaption class="image-caption headline-semibold" data-e2e-name="image-caption" > <span class="image-caption-text">PwC is restructuring its UK operations under new boss Marco Amitrano.</span> <span class="image-source-text"> <span class="image-source headline-regular" data-e2e-name="image-source" itemprop="creditText" > Michael Kappeler/picture alliance via Getty Images </span> </span> </figcaption> </span> </figure> <div class="inline-backup-paywall desktop" data-component-type="inline-backup-paywall" style="display:none"> <span class="headline-semibold subscription-msg">This story is available exclusively to Business Insider subscribers. <a href="/subscription" class="subscription-link">Become an Insider</a> and start reading now.</span> <span class="headline-regular login-prompt">Have an account? <button class="login-prompt-btn">Log in</button>.</span> </div> <div> <section class="post-content typography " data-track-content="" data-post-type="post" > <div id="piano-inline-content-wrapper" data-piano-inline-content-wrapper data-user-status="anonymous" > <div data-component-type="content-lock" data-load-strategy="exclude"> <div class="content-lock-content"> <ul class="summary-list"><li>Dozens of UK partners at PwC will take early retirement in December, Sky News reported.</li><li>The larger-than-usual cohort comes as Big Four firms grapple with declining revenues.</li><li>Partner payouts at PwC also took a hit this year, declining by 5%.</li></ul><p>More PwC partners than usual will take early retirement at the end of this year, marking another shake-up at the firm's UK division since the appointment of a new boss, Marco Amitrano, in Spring.</p><div class="in-post-sticky only-desktop"><div class="ad-callout-wrapper ad-label headline-medium only-desktop"> <div data-bi-ad="" id="gpt-post-finance-desktop_in_post_ad-desktop-fluid-1" class="ad ad-wrapper fluid in-post only-desktop" data-force="" data-type="ad" data-adunit="businessinsider.desktop/post/in-content-1/finance" data-secvert="" data-tag="trending-uk,pwc,big-four,consultancies" data-authors="polly-thompson" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[728,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[728,90],[300,250],[800,480],[600,480],"fluid"]}]" data-tile-order="tile-1" data-url="/pwc-partners-taking-early-retirement-jump-amid-consulting-slowdown-2024-11" data-template="default" data-targeting="{"adunit":"businessinsider.desktop/post/in-content-1/finance","region":"Desktop In Post Ad","tag":"trending-uk,pwc,big-four,consultancies","template":"default","dvp_spos":"in-content-1","rawvert":""}" data-amazontamsizes="[[728,90],[300,250]]" data-not-lazy="" data-enable-ad-refresher="true" data-refresh-count="0"></div> </div></div><p>PwC's 1,030 UK partners were informed this week via a voice memo from Amitrano that dozens of partners would take early retirement next month, <a target="_blank" class="" href="https://news.sky.com/story/dozens-of-partners-take-early-retirement-from-accountancy-giant-pwc-13257813" data-analytics-product-module="body_link" rel=" nofollow">Sky News</a> reported.</p><p>The cohort of early retirees was larger than usual, though one insider disputed that the numbers involved were "significant," Sky News reported.</p><div class="in-post-sticky only-desktop"><div class="ad-callout-wrapper ad-label headline-medium only-desktop"> <div data-bi-ad="" id="gpt-post-finance-desktop_in_post_ad-desktop-fluid-2" class="ad ad-wrapper fluid in-post only-desktop" data-force="" data-type="ad" data-adunit="businessinsider.desktop/post/in-content-2/finance" data-secvert="" data-tag="trending-uk,pwc,big-four,consultancies" data-authors="polly-thompson" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[728,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[728,90],[300,250],[800,480],[600,480],"fluid"]}]" data-tile-order="tile-2" data-url="/pwc-partners-taking-early-retirement-jump-amid-consulting-slowdown-2024-11" data-template="default" data-targeting="{"adunit":"businessinsider.desktop/post/in-content-2/finance","region":"Desktop In Post Ad","tag":"trending-uk,pwc,big-four,consultancies","template":"default","dvp_spos":"in-content-2","rawvert":""}" data-amazontamsizes="[[728,90],[300,250]]" data-enable-ad-refresher="true" data-refresh-count="0"></div> </div></div><p>The Big Four firm appointed 60 new UK partners earlier this year.</p><p>Senior employees at the Big Four consultancies — Deloitte, EY, KPMG, and PwC, all of which are privately held — can be <a target="_blank" rel="" class="" href="https://www.businessinsider.com/how-to-get-onto-partner-track-make-millions-management-consulting-mckinsey" data-analytics-product-module="body_link"><u>promoted to partners</u></a>, and some are offered equity ownership in the business. In addition to salary and bonuses, equity partners traditionally receive a share of annual profits.</p><p>The jump in partners taking early retirement follows a series of changes following Amitrano's elevation to senior partner for the UK and Middle East in April.</p><div class="in-post-sticky only-desktop"><div class="ad-callout-wrapper ad-label headline-medium only-desktop"> <div data-bi-ad="" id="gpt-post-finance-desktop_in_post_ad-desktop-fluid-3" class="ad ad-wrapper fluid in-post only-desktop" data-force="" data-type="ad" data-adunit="businessinsider.desktop/post/in-content-3/finance" data-secvert="" data-tag="trending-uk,pwc,big-four,consultancies" data-authors="polly-thompson" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[728,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[728,90],[300,250],[800,480],[600,480],"fluid"]}]" data-tile-order="tile-3" data-url="/pwc-partners-taking-early-retirement-jump-amid-consulting-slowdown-2024-11" data-template="default" data-targeting="{"adunit":"businessinsider.desktop/post/in-content-3/finance","region":"Desktop In Post Ad","tag":"trending-uk,pwc,big-four,consultancies","template":"default","dvp_spos":"in-content-3","rawvert":""}" data-amazontamsizes="[[728,90],[300,250]]" data-enable-ad-refresher="true" data-refresh-count="0"></div> </div></div><p>Amitrano has launched an overhaul of operations in the UK, including creating a standalone technology and artificial intelligence unit and merging other parts of the business to create six new teams, <a target="_blank" class="" href="https://www.ft.com/content/68d5de6b-6823-4637-a7ce-fcb443d143ba" data-analytics-product-module="body_link" rel=" nofollow">the FT </a>reported in October.</p><p>Almost all the major consulting firms have been grappling with a slowdown in business this year following the end of the pandemic-era rush on advisory services. The firms have been restructuring divisions, laying off employees, and making cuts to limit revenue decline.</p><p><a target="_blank" class="" href="https://www.businessinsider.com/partner-pay-at-big-four-falling-ey-pwc-deloitte-kpmg-2024-10" data-analytics-product-module="body_link" rel="">Partner payouts</a> have been one area targeted for cuts at EY, Deloitte, and PwC. UK partners at PwC took home an average of £862,000 (about $1.1 million) this financial year, 5% less than they did in 2023.</p><div class="in-post-sticky only-desktop"><div class="ad-callout-wrapper ad-label headline-medium only-desktop"> <div data-bi-ad="" id="gpt-post-finance-desktop_in_post_ad-desktop-fluid-4" class="ad ad-wrapper fluid in-post only-desktop" data-force="" data-type="ad" data-adunit="businessinsider.desktop/post/in-content-4-plus/finance" data-secvert="" data-tag="trending-uk,pwc,big-four,consultancies" data-authors="polly-thompson" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[728,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[728,90],[300,250],[800,480],[600,480],"fluid"]}]" data-tile-order="tile-4" data-url="/pwc-partners-taking-early-retirement-jump-amid-consulting-slowdown-2024-11" data-template="default" data-targeting="{"adunit":"businessinsider.desktop/post/in-content-4-plus/finance","region":"Desktop In Post Ad","tag":"trending-uk,pwc,big-four,consultancies","template":"default","dvp_spos":"in-content-4-plus","rawvert":""}" data-amazontamsizes="[[728,90],[300,250]]" data-enable-ad-refresher="true" data-refresh-count="0"></div> </div></div><p>PwC, which is the largest of the Big Four by revenue in the UK, is also facing higher taxes per employee after the country's recently elected Labour government increased the rate of national insurance contributions (a tax on earnings) employers must pay.</p><p>PwC declined to comment.</p><p><strong><em>Do you work at PwC? Contact this reporter in confidence to share your thoughts on the industry at </em></strong><a target="_blank" href="mailto:pthompson@businessinsider.com" data-analytics-product-module="body_link" rel=" nofollow"><strong><u>pthompson@businessinsider.com</u></strong></a></p> </div> </div> </div> </section> </div> <section class="post-content-more"> <section class="dad-related-posts-component at-post-bottom related-posts standard" data-component-type="dad-related-posts" data-delay-third-party-scripts="true" data-size="4" data-container-index="" data-included-verticals="finance" data-placement="post-bottom" data-excluded-verticals="bi-video" data-root-margin="250px 0px" data-track-view="{"element_name":"end_of_article_recirc","product_field":"bi_value_unassigned","subscription_experience":"bi_value_unassigned"}" > <div class="content-recommendations-title-container"> <h2 class="content-recommendations-title display-xs ignore-typography"> Read next </h2> </div> <div 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