Category: PwC

PwC Partner, Not Wanting to Disappoint Guests, Has Open Call for Courageous Pianist

When you become a partner at a Big 4 firm, there are many unexpected challenges that you will face. You may have a trusted senior manager quit in the middle of busy season. You may discover that someone who you thought was your best friend is actually primo inventory from the jerk store. And if you’re really unlucky, you may get bombed at a happy hour (allegedly!), then slug a couple people (allegedly!), kiss a couple more (allegedly!), not remember a thing, claim that you were roofied and have a stranger call you up out of the blue and ask you about it.

Anyway, we’ve been informed of another bitch of a situation that can arise when you become partner – when the entertainment for your little soiree cancels on you at the last minute:

From: [redacted]
To:
Cc: [redacted]
Date: 10/04/2010 01:24 PM
Subject: Are you courageous or just talented?

All —

I am having an event at my home tonight and my normal pianist has canceled on short notice. This is a test of the courage of you as a group of people.

I know someone is out there in our midst who in their spare time is a really good pianist. I would be eternally thankful if those of you to whom this note applies, would volunteer to help me out tonight. I know we hire people with many talents — the question is — do you have the courage to display them? The event is from 6:00 – 9:00 PM in McLean. You will be well fed. If you are interested, please contact [redacted]. Hopefully we’ll get more than one taker, and we will figure out who we should use.

The fact of the matter is, my event this evening will survive the lack of a pianist. What I am really trying to figure out is what we as a people at pwc [Ed. note: nice usage of the low caps!] are made of.

Thank you,

Jesus. Talk about a conundrum. And since Big 4 partners don’t pull down the kind of dough that could afford them a short-notice call to Elton, Harry Connick, Jr., or even a cheap Liberace impersonator, throwing a line out into the employee talent pool was the only option this partner had.

Unfortunately, since this opportunity was on such short notice, anyone with the necessary skills that is now just learning about it is SOL. With any luck however, you can volunteer your services as a solid pinch-hitter for future reference. God knows how that comes in handy.

Presumably you don’t have to be the next Mozart but if you can pull off some singalongs such as “Piano Man,” “Friends in Low Places,” and “Sweet Caroline” that will go a long way to nailing down that “eternal” gratitude (for a future event of course).

Official New PwC Logo Launch Day: What Are You Doing with Your Old Business Cards?

Just in case you forgot gang, today is the official launch date for PwC’s new brand and logo. Despite the fact that everyone knew about this weeks ago, early October seems like the perfect time to remind people of how lovely it is to play Pong amongst the fall foliage, .

The other significant event of this day also reminds us of trees but not in a good way. You’ll remember that Bob Moritz stated in his FAQ (that don’t address color or shapes) that today would mark the day that new stationary would be put into use. This means that metric asstons of old PwC stationary, business cards, pens, tchotchkes, undies and so forth would be rendered completely useless.


This is especially awkward since P. Dubs just got done slapping themselves on the back for getting greener faster than a Whole Foods employee at sustainable living festival.

It’s entirely possible that the firm has undertaken various ideas to stem the amount of waste such as:

1) Encouraging everyone to use letterhead en masse running up to the logo launch
2) Having yard sales at offices nationwide to cut losses
3) They’re talking to the Met about a major donation to a future “Historical Corporate Crap” exhibition.

OR maybe they’re just having a giant weenie roast followed by s’mores for dessert (which we admit, would be pretty fun). If you’re engaging in a ritual of some sort and feel compelled to document the event, do get it touch with us and enjoy your fresh business cards.

Earlier:
Just in Case You Didn’t Think the PwC Rebranding Was Actually Happening

Bob Moritz Is Happy To Address Your FAQs on PwC’s New Logo That Don’t Concern Colors or Shapes

Okay people. By now some of you might be sick of hearing about PwC’s new logo that incorporates the beauty of autumn and your first Atari (look it up, young people). However, based on what we’re seeing in the traffic patterns, many are not, so we’ll truck on with Extreme Makeover: PwC Edition.

As we mentioned earlier this week, at least one person felt compelled to share their feelings on the switcheroo with PwC’s U.S. Chairman Bob Moritz. Whether that particular employee got their questions/concerns addressed is currently unknown, however Bob did address many popular questions in an email to the rank and file.

In his email, Roberto said that he’s perfectly okay with the feedback, even the negative stuff. But he implores that you don’t get hung up on the colors or building blocks because, well, it really has no bearing on anything and it’s silly to get caught up on something like appearances.

By now you’ve likely checked out the new PwC brand. Not surprisingly, I’ve gotten strong feedback from around the firm. Many love it. Some don’t. Few are neutral. With a firm of 30,000 smart people, there are going to be lots of opinions…and that’s okay. I ask that you don’t get caught up in the colors and logo; these changes to our visual identity are simply what we think reflects the evolution that has taken place within our firm as we continue to build a relationship-based, value-driven culture. The most important thing is that each of us understands what we’re doing and why, and can articulate what our brand means to our clients and to one another. And, it’s in line with what we’re doing around the network to create a more consistent brand worldwide. You’re going to hear more about the changes starting October 4, so stay tuned. In the meantime, click on FAQs below to read my responses to some of the feedback I’ve received.

Brand Frequently Asked Questions:

Q: Are we changing our name, and when do I use pwc instead of PwC?
A: First, our name is still PricewaterhouseCoopers LLP. That’s what we’ll use on formal and legal documents, and it will accompany the new brand in an appropriate manner in external materials. What we will call ourselves in day to day communications, though, is PwC. That’s really just acknowledging what people typically call us, and it’s easier for everybody than typing out our full name. In writing, we will still use PwC (uppercase “P,” lowercase “w,” and uppercase “C.”)

Just jumping in here: PwC appears to be assimilating to the idea that capitalization is irrelevant in this day and age of texts, IM so on and so forth.

Q: What is the timing of the change to the new brand?
A: Although we have kept the details under wraps to help us maximize the impact in the market, this transition has been in the planning stages for some time — and is part of our overall network strategy. The transition began gradually with the PwC network’s global website (pwc.com), which changed on September 20. On October 4, the official brand launch date, there will be a number of highly visible changes here in the US, from building signs to new stationery. Beyond that, though, we expect the transition to take time. Network firms will have the option to change at their own pace. In the US, we are moving faster because we see it as an opportunity to engage in dialogues with our clients and the market about the very real changes we are making in how we build relationships and create value. The changes to our logo, colors, look and feel are symbols of the broader changes being made to the firm and the global network.

In terms of visible changes, we will have most of our building signs replaced by the end of this calendar year. We have been working with our EAs and TAs, Document Production, and Graphic Design to tackle the thousands of printed and electronic documents that will need to be converted, looking first to those with the greatest impact on our interaction with our clients. This process will take time, and we’ll need everyone’s patience and support as we make the changes.

Q: Will we get new business cards?
Yes, all partners and staff (and that includes client service staff, IFS staff and EAs/TAs) will receive business cards, which will provide each of you with a great resource to help you connect with others, build on the relationships you have and help the firm deliver value. More to come on when and how to order business cards following our October 4 launch date.

Whether this affects the pace of greenness at PwC isn’t entirely clear.

Q: With the economy just climbing out of a recession, why are we spending money on this change now?
A: Timing was clearly a consideration. We have set ambitious goals for our network of firms–and we are counting on our brand to work harder for us as we distinguish ourselves from our competitors. There will never be a better time to begin the transition to our new brand, and by starting now, we will be well-positioned as the economy improves.

There will be some costs associated with the change. In the US, they will include the cost of building signage and consumable items such as stationery, business cards and printed materials. Overall, this spend is minimal in relation to our size and is certainly not significant to our annual operating budget. If we treat the brand re-launch as an important opportunity to engage with our clients and each other–to discuss how together we will improve relationships and create value–the money we spend on the launch will be paid back many times over.

Anything not covered above can be asked below but if you must, further comments, questions, concerns about the colors and/or geometry of the logo will not be dismissed.

Good Times at PwC: Supporting the iPhone and The Return of Christmaskuh

As you know, it’s been rebrand-orama in land of P. Dubs recently. With all that going on, you may have been distracted from the fact that there are more important, less controversial decisions being made. For example, employees will be celebrating the birth of Christ/The Festival of Lights/whatever it is you do by enjoying an open bar and finally making awkward sexual advances on co-workers.

From the mail bag, some communicado from Bob Moritz:

Holiday celebrations were clearly a casualty of the challenging economy. Many of you told us that while it was the right decision given the economic environment—especially when we repurposed our holiday spending to give back to our communities—you missed getting together with colleagues to celebrate during the December holiday season. While we will continue to focus on charitable giving, we’re pleased to see a return to office holiday celebrations this year. Look for more from your market leaders on events happening locally.


Additionally, PwC has finally caved to moxie of Steve Jobs:

Many of you are already using iPhones or have been holding off purchasing one because the firm doesn’t support them. I’m pleased to announce that, later this fall, we’ll be offering iPhones from AT&T, and at least one Android model from each of our approved cellular carriers (AT&T, Verizon, Sprint and T-Mobile), as part of PwC’s smartphone and cellular program.

How’s that for good news? Express your glee (that means break out in song) below.

BREAKING: At Least One PwC Employee Isn’t Sold on the Rebranding

It’s been just over a week since we broke the story on PwC’s rebranding. Now that everyone else has caught up to the story, we’ll share with you some fresh news on the makeover.

Since today marks the first day of u’re warming up to the new team colors. Then again, you may share the feelings of one P. Dubs employee that took the time to email Bob Moritz to chime in on the new look. Apparently (not really sure how these things happen) the email is making the rounds at PwC and it just so happened to find its way into our mail bag:

To be perfectly honest, I’m not a fan of the new branding. In your email you wrote “…we are altering what we believe is an outdated visual identity to better express the kind of vibrant and relationship-based firm we have evolved into.” I find it ironic that you referred to our former visual identity as outdated when our new brand looks like a throwback – a 70s color scheme meets an IT startup.

I completely agree with the comments on the website where the brand is repeatedly referred to as child-like and unprofessional. I feel like the explanation for the symbol is also very complex. The *connectedthinking brand was simple and easy to understand. With the new symbol, everything has a meaning, from the colors to the solid blocks to the transparent blocks. A symbol should be fairly self explanatory – this one requires too much explanation.

I love the fact that the company has been focusing more on changing behaviors and placing a greater emphasis on building relationships. However, I fail to see where a new brand would affect this. Colors and symbols don’t represent PwC, the staff does. In one of the online discussions it was pointed out that following a salary freeze one year and layoffs the following year, it almost seems foolish to spend so much money to “reinvent” ourselves. To quote a wise PwC employee, “A new brand isn’t going to win business, motivated people will.” I find it hard to believe that this new, colorful symbol will be the motivation that people need to help expand our business and improve relationships with clients. A better way to motivate the staff would be more incentives – bonuses, rewards, raises – positive reinforcement. Pavlov was definitely on to something with the concept. Interactive gallery stations complete with iPads to show off the brand? Activities revolving around the launch of this new brand? Is this really the best method of spending funds?

Also disturbing to me is the environmental impact this could have. I can’t imagine that this won’t set back the Firm-wide goal of reducing our carbon footprint. Letterhead, business cards, report covers, envelopes (to name a few paper products) all need to be reprinted. It seems like an incredible waste to discard everything we already have in favor of this new brand (we received an email letting us know that after October 4th we are not to use any of the old paper products). I hope we are at least planting a bunch of trees to help compensate Mother Nature for the amount of paper that will be wasted with this change.

It’s disappointing to feel like we have taken two steps forward and three steps back. I realize that it is what it is, but I felt that I should voice my opinion from down here on the totem pole.

It’s been suggested that October 4th will be the great PwC Shredding Day that will no doubt involve a convoy of Shred-it trucks out 300 Madison (and offices nationwide for that matter) along with employees dropping their old business cards into every fish bowl they can find.

So mark it on your calendars and definitely document the shredding in action or perhaps a bonfire (done safely and in full accordance with the law) and send us the pictures.

PwC’s Other New Color: Green(er)

Newly autumnal-hued PwC still has nature on the brain, this time reflecting on the kick-ass job they did by reducing their carbon footprint 20% since FY07.

For those of you scoring at home (read: Al Gore) that’s two years ahead of schedule.

Through a two-fold strategy, consisting of solutions around workspaces, air travel and commuting, as well as through the engagement of its people to make behavior changes, the firm has reduced its carbon emissions by more than 62,000 CO2 metric tons since FY07, its baseline emission levels.

Being a shameless tree hugger, we applaud the efforts of PwC and also KPMG who announced the reaching of their greeny goals – also ahead of plan – back in July.

However, the thing we’re a little skeptical about are the goals that each firm set for themselves. If they are blowing these carbon emission reduction targets out of the water and ahead of schedule it seems like they may have set the bar a little low. You figure that if you throw some recycle bins in the common areas, encourage more video conferencing and replace all the old light bulbs with the long-life version, you’re already ahead of the game.

PwC did a good job at detailing how they’ve been recognized for their efforts but they still remain vague about any future plans to continue their efforts:

“At PwC we take an integrated approach to reducing our waste, emissions, and discharges by elevating our green efforts and embracing new business practices,” said Shannon Schuyler, corporate responsibility leader, PwC. “We will continue to work toward sustaining the reduction we have already made, as well as partner with our experts in the S&CC practice to set new goals and targets in the future. To us, supporting a healthier and more sustainable environment is part of being a responsible leader.”

KPMG, on the other hand, was very specific about their efforts and what they had planned for the future including the Living Green Teams (with uniforms), recycling laptops and taking a stab at this paperless audit idea.

Granted, getting serious about reducing emissions is something that has only been sexy for the last 2-3 years so maybe the firm will ratchet up the goals, along with detailing specific measures, over the long-term.

PwC Meets 20 Percent Carbon-Reduction Goal Two Years Ahead of Schedule [PR Newswire]

Grant Thornton Didn’t Promote Me, Do I Go to PwC?

Today in accounting firm musical chairs, a SA3 who got passed over for promotion at GT has an offer to joining soon-to-be rebranded PwC as an SA1/2. WHAT TO DO?!?

Have a question about your career? Worried that you’re too hot for the Big 4 and your hot brain will be overlooked? Trying to decide if you should give it all up and join the circus? Email us at advice@goingconcern.com and we’ll let you know if you should consider becoming the next human cannonball.

Back to our accountant in peril:

I’m a recurring S3 (financial) who was passed up on the manager position because of internal politics [Ed. note: reader admits that this is their opinion]. I have a offer with PWC to join their asset management group as a S1/S2.

Is this career suicide? I have until today to tell GT if i’m leaving or tell PWC that i have to rescind the offer.

I’ve had it with GT and although they said there is a good chance next [year] to make manager, i dont believe the hype.


Timing if of the essence, so we’re on this – Looking forward to a promotion to manager and getting passed over is a tough pill to swallow. All of your hard work that you’ve put in over the last five or so years (that feel like ten) no feels wasted. As you say, you’re not buying the hype any more and we don’t blame you. However, succumbing to your frustration and allowing PwC to knock you down a notch (or two) on the ladder is the last thing we think you should do.

You shouldn’t let any firm take advantage of your vulnerability and devalue your experience just because you were in Casa de Chipman. If you were an associate, the situation might be different but if you’re on the throes of making manager and now it might be at least another year before you’re even being considered for manager, feels like a disservice.

That being said, it doesn’t sound like you’re happy at GT. And being miserable at work sucks. If you’re crawling out of bed, hating your commute and the faces of your co-workers make you want to projectile vomit on their laptops, that’s a serious sign that you need to GTFO.

Luckily, you’ve got options, friend. If you trust your performance coach/counselor, ask them if there are possibilities within GT that you can explore (possibly a practice rotation?).

But if you’re truly burned out on GT, don’t do something rash like take the first offer thrown in front of you. Take your time and make the next career move that’s perfect for you. Don’t settle for the glitz of PwC just because they make it sound like the best shit since paperless audits (they aren’t that cool anyway). Your experience is valuable, go find a company that will reward you for it.

Is PwC Getting a Makeover?

This morning we received an anonymous tip pointing us to a URL that appears be a new look for PricewaterhouseCoopers. The image below is what is can be found over at brand.pwc.com.


It almost looks as if PwC is dropping the “PricewaterhouseCoopers” in favor of simply “PwC,” but that’s just us thinking out loud. If this is, in fact, a rebranding, we have a few questions:

1. When is going down? Just in time for the holidays?

2. Who voted on these Halloween colors? And why all lowercase letters?

3. Why no more PricewaterhouseCoopers? Too big of a mouthful for clients, spouses, kids, etc.?

PwC spokesman Kelly Howard declined to comment. But if you’ve got questions, comments, concerns, chapped hides and so on and so forth with regard to any of this, discuss below.

UPDATE: It’s our understanding that the branding will go “official” internally on Monday and be live October 4th (subject to change?) for the rest of us. Also, it sounds like “PricewaterhouseCoopers” will be used in some “certain cases.” The re-branding is apparently an attempt to create a more “consistent brand.” If you know more, get in touch.

UPDATE 2, September 15th: We’ve got it on good authority that TPTB rolled out the new look today, however it’s not entirely clear whether that’s due to us spoiling the surprise.

Will Defecting from E&Y to PwC Change Anything?

Today in makeshift accounting therapy, a fed up E&Y vet is contemplating a move to arch-rival PwC and wants to know if this is a suicide move.

Have a question about your career? Need advice on how to explain why your Fantasy Football league is always up on your laptop? Looking for advice on how to best flirt with recruits without being creepy? Send us an email with your query to advice@goingconcern.com and will give you the best free advice you’ll ever get.

As for our potential E&Y Benedict Arnold:

I’m at EY, looking at a position one-level above where I am at PWC. Is this a frying-pan/fire situation?

EY as “more people friendly” is a concern, because EY is horrifically NOT people friendly.

I’ve know the guy I would be working for at PWC very well and I think I’m maxed out at EY.


Okay, so not a lot to go on here but we’ll take a stab at this. First off, if you’re maxed out at E&Y then looking for a new gig is the right move. The timing isn’t bad (assuming you’re not in the tax practice) and it sounds like you’ve got a decent lead at PwC. That said…

What makes you think PwC will be better than E&Y? Has the guy that you would be working for told you explicitly that he’s having the time of his life over there? That, besides the PwC Experience, you’ll be getting 40-50 hour weeks, happy hours devoid of assaults and access to professional oral sex providers on a regular basis?

More questions to consider: Does “the guy” stand to get a referral bonus for poaching you? Can you see yourself working for him? This could turn out to one hell of an epic mistake if he gets a few thousand bucks and you end up working for a whip-wielding taskmaster.

Now that we’ve planted the skepticism seed, if “a position one level above” is a legit promotion (title and salary bump), that might be worth considering. If it’s more of a lateral move, then we’d suggest passing unless there were perks like we described above.

Other important things to consider: 1) You will be torching many bridges at E&Y. Are you okay with that? 2) Is your potential new job really what you want to do. We’re making the assumption that you like your work but you’re over life at E&Y. If you don’t like your work then you’ve got a whole other problem. 3) Do you really, really, really, really want to stay in Big 4? Have you seriously asked yourself that question?

Ultimately, the opportunity may be a great one but you’re still taking a big risk assuming your life will be infinitely better working at PwC over E&Y. Proceed with caution.

A Whole Mess of People Aren’t Impressed with PwC’s Offer to Buy Diamond M&T’s Stock

PwC isn’t necessarily to blame, mind you, at least not yet. As it stands, Faruqi & Faruqi are investigating Diamond’s Board of Directors for accepting the $12.50 offer that PwC made last month.

F&F cites “at least one financial analyst values Diamond’ common stock at $14.00 per share,” hence, gypping investors. This is just the latest in a long line of investigations that were announced since the deal was announced. HOWEVER!


As far as we can tell only one actual lawsuit has been filed, in Delaware and it also notes that the deal was structured “that bars other bidders from making an offer” and includes a $9 million termination fee.

Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Diamond Management & Technology Consultants, Inc. (?Diamond? or the ?Company?) (NasdaqGS: DTPI) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to PricewaterhouseCoopers LLP (?PricewaterhouseCoopers?). The proposed transaction offers Diamond shareholders to only receive $12.50 in cash for each share they own. According to Thomson/First Call, at least one financial analyst values Diamond’ common stock at $14.00 per share.

Whether the Diamond’ Board of Directors breached their fiduciary duties to Diamond’ stockholders by failing to conduct an adequate and fair sales process to sell the Company prior to agreeing to this proposed transaction, whether the proposed transaction undervalues Diamond shares and by how much this proposed transaction undervalues the Company to the detriment of Diamond shareholders are the key focus of this investigation.

Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, through all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm’s clients.

Faruqi & Faruqi, LLP Announces Investigation Related to the Acquisition of Diamond Management & Technology Consultants, Inc [Business Wire]
PWC, Diamond Management Sued Over $378 Million Buyout [Bloomberg BusinessWeek]

Experienced Recruiting Amongst The Big 4 Gets Aggressive

As you know the Big 4 are extremely competitive when it comes to picking up talent. Now that the firms have amped up their experienced hiring, things appear to be taking an interesting turn.

Case in point, the following email went out to PwC professionals in the Southeast:

Hello. I work for Ernst & Young’s Assurance Recruiting Team and, through my networking, came across your name. I was wondering if you would be interested in making contact for professional networking purposes.

We are currently seeking managers and senior managers in our Southeastern markets. Your referrals would be greatly appreciated as you know the best people in this industry! We are expanding our Assurance Experienced talent pool and look forward to hiring only the best and brightest talent!

There are twelve more reasons to consider EY as a strong career option!! Ernst & Young was just named to FORTUNE’s “100 Best Companies to Work For” list for the 12th year in a row–and ranked highest among the global professional services organizations. The reason? Our people. Together, we’ve created a culture of learning, flexibility, inclusiveness and community responsibility that truly makes a difference.

I have been a finance/accounting recruiter for six years and assure you that not all Big 4 firms are cut from the same cloth……it never hurts to have a dialogue!!!

Thanks in advance for your time and consideration. Have a wonderful summer!

Say what you want about these particular tactics but if there is a need in a particular office or region, it is Big 4 recruiters’ job to go out and find the talent to fill that demand. Other Big 4 firms seem like a pretty good place to start since they have the “talent” that the firms want. Plus, the email does state that the intent of the message is to “open a dialogue” which, sure, could lead to someone switching firms but let’s be real – this happens.

And don’t forget! This isn’t confined to Dixieland. You may recall that PwC in the UK had been allegedly poaching E&Y partners, as reported by the Times Online.

So if you want to get all defensive about a rival firm going behind enemy lines to do their jobs, so be it, but your firm is likely doing the exact same thing.

Earlier:
Grant Thornton Picks Up Four Tax-Exempt Experts from WTAS