PwC (PricewaterhouseCoopers) is currently facing several active legal challenges in 2026, including lawsuits regarding alleged sexual harassment in Australia, a discrimination lawsuit from a former US principal, and investigations into alleged insider trading in India. They are also appealing a 2023 $65.5 million negligence verdict.
The PwC tax scandal was a scandal involving PwC's abuse of the Australian Government's secrets to enrich itself and its corporate clients. The Treasury Building, Canberra.
PwC has faced an exodus of clientele and layoffs since last year. PwC has shut down operations in more than a dozen countries that are deemed too small, risky or unprofitable, as the Big Four accounting firm aims to prevent repeats of scandals that have affected it, the Financial Times reported on Wednesday.
PwC's global leadership is taking steps to protect the firm's reputation by ending relationships with clients considered “high-risk.” The Big 4 has ceased operations in more than a dozen countries due to the market being, Too small to scale. Client risk being too high.
PwC alleges EY became aware of Bridging PIKing interest on certain loans, but did not make Bridging amend financial statements that indicated all interest was paid in cash. PwC's lawsuit against EY arrives over two years after it launched a similar case against KPMG, which was the auditor of other Bridging funds.
In February 2025, PIF announced a wide-ranging ban on employment of PwC's consultants. The ban was brought into place shortly after PwC hired around 70 forensic investigators, mostly from Deloitte Middle East in a coordinated poaching operation in October (IO, 17/02/25).
In 2025, PwC was seen turning to layoffs instead, reducing its headcount by 5,600 employees to 365,000, instead of adding to its ranks. In order to meet the 2026 target, Business Insider estimates that PwC will have to hire over 40,000 workers over the next 12 months if it has any hopes of meeting its goals.
The firm had previously pledged to hire 100,000 employees by the middle of 2026. PwC trimmed its global workforce by 5,600 in its 2025 fiscal year, an apparent departure from a previous pledge to boost head count.
Regulators accused the firm of concealing or condoning fraudulent practices linked to the $78 billion collapse of property developer China Evergrande. PwC had audited Evergrande for nearly 14 years before cutting ties in early 2023. The fallout triggered a wave of client departures and staff layoffs in China.
“Historically low attrition” combined with “continued market shifts” necessitated the cuts, PwC US assurance leader Deanna Byrne said in an email to staff seen by Business Insider. Many of the staff who were laid off were newer hires, the Financial Times reported.
The PwC network is overseen by PricewaterhouseCoopers International Limited, an English private company limited by guarantee. PwC operates in 149 countries, with a global workforce of more than 370,000 people (as of FY 2024).
Global revenue
For the 12 months ending 30 June 2025, PwC firms around the world recorded gross revenues of US$56.9 billion, an increase of 2.9% in US dollars and 2.7% in local currency over the previous financial year's gross revenues of US$55.3 billion.
Of the Big 4, KPMG is the smallest and also the only one operating outside of London—the firm's headquarters is in Amstelveen, Netherlands.
The situation is worst at Big Four accounting firms. Almost three-quarters (71%) of survey takers who work for them said they feel their mental health suffers because of work pressures. Additionally, 51% of them said they've considered resigning from their job because of wellbeing issues.
Which big 4 accounting firm pays the most? Well it depends on which practice you want to go into. If you want to make the most money in consulting, Deloitte pays the best. However if you want to make the most money in auditing or tax PwC is likely your best bet.