Ferrari, Aston Martin, McLaren, Jaguar, and Mercedes-Benz dealerships in and around London probably have been bustling more than usual lately, and here’s why:
PwC’s UK partners took home record pay this year after the firm’s profits rose by a quarter to a fresh high of almost £1.2bn on the boom in corporate dealmaking.
Average profit per partner for the year to the end of June 2021 was its highest ever at £868,000, up from £685,000 in 2020 and £765,000 in 2019.
That means PwC partners made more money last year than at least 130 players in the English Premier League.
Besides PwC’s profits increasing 25% to £1.2 billion over the past financial year, the Financial Times reported that the firm’s gross revenue grew 2% over the past 12 months to £4.4 billion, but underlying net revenue rose 5 % because of the fall in business travel and other expenses.
Because of the better-than-expected results, PwC gave some love to its 22,000 staff in the U.K., who shared a total bonus pot of £128 million, up from £83 million a year earlier, according to FT.
Deloitte, EY, and KPMG have yet to announce their average profit per partner amounts for this year, but they’ll presumably be higher than last year’s £731,000, £667,000, and £572,000, respectively.
PwC’s UK partners take home record pay as deals surge boosts profits [Financial Times]