Back about seven or eight years ago, there was no bigger rivalry among the Big 4 than PwC vs. KPMG. The House of Klynveld was constantly trying to steal P. Dubs’ audit clients and KPMG pretty much became PwC’s personal farm system for partners and directors. Between 2011 and 2013, there were at least nine […]
Alright, alright, alright. We knew this was possible. Let's try to keep things civil. HSBC Holdings Plc (HSBA), Europe’s largest bank, appointed PricewaterhouseCoopers LLP as auditor, dropping KPMG LLP after more than two decades. PwC will audit the 2015 fiscal year for the lender, subject to approval from shareholders at the bank’s annual meeting in May, […]
*By partner, in fact, it's technically a "national leader in Conflict Minerals Center of Excellence" which was a Director role. At least from what I can tell on Greg Szczesny's LinkedIn profile. Anyway, Mr. Szczesny (I'm going with suh-seez-NEE) will be a Managing Director in PwC's Risk Assurance practice focusing on…yes, conflict minerals services. And […]
Let's use Luca Maestri’s move from Xerox to Apple as a discussion starter: Apple Inc. (AAPL), the world’s most valuable company, has hired Xerox Corp. (XRX) Chief Financial Officer Luca Maestri as its corporate controller. […] “Moving from Xerox to Apple is a step up, even going from CFO to controller,” John Bright, an analyst […]
An alternative title for this post would be "PwC Poaches a KPMG Partner and a Deloitte Partner and Issues a Press Release, Part I." John Tantillo and Farah Faruqui are proud new partners in PwC's Risk Assurance Services practice; they both specialize in internal audit. Tantillo spent 27 years at KPMG prior to trading in for […]
Exactly one week after the House of Klynveld planted the flag in Myanmar, their chief nemesis has followed suit: Professional services group PricewaterhouseCoopers opened a Myanmar office Tuesday, becoming the second of the Big Four global accountancy firms to set up shop in the long-isolated country since it launched democratic and economic reforms last year. The […]
Over the last year or so, we've noticed a tug o' war between KPMG and PwC in the "competitive poaching" arena with PwC doing most of the tugging. Some people might go so far to say that KPMG is the training ground for future PwC starters – a Triple-A for CPAs, if you will. The news of […]
Accounting News Report, using data from Audit Analytics, puts out an Auditor Change Analysis every year and it usually finds its way into our inbox, however, because the analysis is a subscription-based publication (and a pricey one at that), reproducing the whole thing is usually not an option. This year we asked pretty please, and we got […]
It's February which means important traditions are observed that include rodents, candy hearts, and of course, football. Handing out Oscars is another February tradition and that includes red carpets, a drunk baked Joan Rivers and, last but not least, PwC auditors in tuxedos. The PwC auditors are usually the butt of recycled jokes what with their average […]
Continuing with the theme of, "It's the end of the year so we have to compile posts that remind us of how bad it was," we're offering up nominees for accountant of the year. Now, the term "accountant," for the purposes of this post won't follow strict construction. For example, if you work for an […]
Happy Friday folks. Hopefully you're reading this from one of three places: 1. Your Couch2. Gate 23 on your way to St. Louis3. The Bar – any bar. But regardless of where you are today, we just know your holiday weekend wouldn't be complete without knowing how much cash money The Powers That Be at […]
Today in partners ditching their firm for PwC news, Gary Wilson, a 20-year Grant Thornton veteran and managing partner of the Irvine, California office will take the exact same job at join PwC on January 5th. It appears this news was first reported by the OC Business Journal and not by a press release, which proves […]
A "Senior Associate" who was not impressed with the firm's effort tipped us to an ad in today's Journal. SUBJECT: How the hell have you not done a story on PwC's terrrrrrrrrrrrrible ad in the WSJ???? What are you guys asleep at the switch? PwC ran shitty ad featuring our new brand in the WSJ. […]
As we've discussed, PwC has been on a bit of a hiring spree for partners and directors this year. Perhaps more notably is the firm's development of KPMG into its partner/director farm system. How this appears to work (PwC won't tell us) is that a young man or woman first must achieve the rank of […]
Today in KPMG is the PwC Triple-A team news, partner Erik Hansen has joined the P. Dubs Houston office as a risk assurances partner leading the firm’s Internal Audit Practice in the Oil and Gas Industry Sectors. I suppose it goes without saying that Mr. Hansen is pretty adept in the energy field, as well as auditing:
Hansen has served companies in the oil and gas industry on issues related to internal audit outsourcing and co-sourcing solutions, Sarbanes-Oxley assistance services, as well as other risk and control-related services. He has also served as an instructor in several KPMG training programs designed to provide partners and managers with the skills and knowledge necessary to be effective in the marketplace.
Enjoy Houston, Erik! Just keep your wits about you at the happy hours down there.
If you’ve been paying attention, you know that PwC has made KPMG it’s own personal farm system for partners and directors. It seems that P. Dubs follows all the talent out there and then simply calls the men and women up when they’re ready for the big leagues. We’ve noted four press releases put out by PwC announcing appointments of partner/directors that were brought over from the House of Klynveld. And who knows how many other, non-PR worthy partners, have also joined Team Autumn. Trust us, it’s happening; we hear things.
ANYWAY, in today’s Daily Grind newsletter, I wondered if PwC would take the opportunity of All Hallow’s Eve to pull a trick on KPMG, announcing that yet another partner or director had recently joined up with P. Dubs. My wonderment was largely in jest but I guess I’ve misunderestimated the scamps in PwC’s communications department:
Eric Israel, who joins PwC as a managing director, is a former KPMG managing director and that firm’s US advisory practice leader on climate change and sustainability. He has more than 25 years of experience with KPMG where he began his career in the Netherlands as a Chartered Accountant. Later, Israel moved into sustainability consulting where he has focused his work for nearly 14 years. Israel has global experience in sustainable development concepts and application, finance and sustainability assurance, climate change and carbon consulting & verification, business research and development, as well as knowledge management and corporate governance. He also has participated in the work of organizations such as the Global Reporting Initiative (GRI), the Sustainability Consortium and the AICPA’s and CICA’s joint Sustainability Task Force.
Israel co-founded KPMG’s Global Sustainability Services practice and wrote KPMG’s first Sustainability Audit Manual. He received his BA in Accounting and Business Administration from the University of Amsterdam, Netherlands. He will be based in PwC’s New York office.
In other words, Izzy
is was KPMG’s Global Sustainability practice. He wrote the audit manual for crissakes! Of course since he’s just a co-founder, that hopefully means that his fellow co-founder is still around. At least until he/she gets their own press release.
Mark J. Mendola has been named as PwC’s U.S. Tax leader and a vice chairman of the firm. He will also serve as a member of the firm’s U.S. leadership team and the global Tax leadership team. Additionally, he will be responsible for the network of Tax practices across the Americas, including Canada, Mexico and South America.
For those keeping close tabs on this sort of thing, MJM joined PwC in ’86, no doubt inspired to join the tax practice thanks to the efforts of the Gipper & Co. He joined the partnership in ’98 with no indication that he strayed to the HoK. Word on the street is that KPMG is pretty bent out of shape over the competitive poaching, so PwC must be backing off. For now, anyway.
That’s right boys and girls, 166 new lucky Klynveldians will be taking a seat at the big kids table, only to be poached by PwC in the next 2-3 years. Despite the risk that many of these new partners will trade blue squares for autumnal Atari, John Veihmeyer and Henry Keizer were excited to welcome the newest members of the club:
“These new partners are role models for high performance – with a passion for quality, an unyielding commitment to integrity and outstanding service, and a dedication to helping clients cut through the complexity in this dynamic environment,” said John B. Veihmeyer, Chairman of KPMG’s Americas region and Chairman and CEO of KPMG LLP (U.S.).
“We are very proud of each of these new partners, and we look forward to their continued leadership. We’re especially grateful to the spouses, family, friends, coworkers, and mentors who have played a key role in their development and their career success,” Veihmeyer said.
Henry R. Keizer, Deputy Chairman of the Americas region and Deputy Chairman and COO, KPMG LLP (U.S.) said, “With their steadfast focus on technical excellence, professionalism, teaming and relationship building, these new partners have helped us make great strides in achieving our strategic priorities.
“Their ability to engage and motivate our people has also been critical to our efforts in fostering a high-performance culture – thereby driving the firm and our people to the next level,” Keizer said.
The KPMG press release doesn’t have a breakdown of the numbers but luckily we got our virtual hands on an email that has the breakdown. We won’t name names but it’s probably moot since someone at PwC Experienced Hire recruiting probably has them all on a hit list already. ANYWAY, here’s the breakdown by service line for the U.S. (74 new partners):
Advisory – 26
Audit – 27
Tax – 21
And by line of business:
Information, Communications and Entertainment – 12
Financial Services – 17
Healthcare and Pharm – 5
Industrial Markets – 19
Private Equity – 4
Mid Market – 3
Government/Public Sector – 1
Consumer Markets – 9
Other – 4
Congrats to all the new partners!
From the mailbag:
I am considering becoming an experienced hire at PwC, however I have heard some strange things and can’t seem to get a solid angle on them. I have heard that PwC (still) doesn’t let you expense lunches when traveling. I’ve also heard that PwC is still on Windows XP with Office 2003, Lotus Notes email and using Lenovo ThinkPads. Can you please help me confirm or deny these rumors and add some color around them? Also, are there other things at PwC that I should be wary of? Is PwC the new KPMG?
Concerned Potential Recruit
To the best my knowledge, Concerned, I’ll address these one at at time:
1. I have heard that PwC (still) doesn’t let you expense lunches when traveling. – True. PwC does not allow you to expense lunches when traveling, although it’s my understanding that a “business lunch” is reimbursable.
2. I’ve also heard that PwC is still on Windows XP with Office 2003 – Partially true. P. Dubs is on XP but is running Office 2007.
3. Lotus Notes email – True. There were some layoffs of LN developers way back in the fall of ’09 but it’s our understanding that they still run it.
4. Lenovo ThinkPads – True. You were maybe expecting iPads? Those are for bonuses only.
5. Are there other things at PwC that I should be wary of? – I’d start here.
6. Is PwC the new KPMG? – Um, no. Unless you’re consider all the KPMG partners they’ve picked up makes it the “new KPMG.”
Is PwC offering these partners a lifetime supply of Girl Scout Cookies or something?
Ellen Rotenberg will join PwC to head up the Banking, Capital Markets and Insurance group as a tax partner in New York. She was most recently the National Tax Leader for Banking and Finance at KPMG. Prior to that position she did a stint in KPMG’s Washington National Tax Practice.
Twenty-four hundred lucky boys and girls will descend on Orlando, Florida to traipse around Disney World in “living classrooms” which sounds a little strange if they’re going to somehow incorporate assurance, advisory and tax services. No one wants to see Minnie Mouse in pantsuit, do they?
“This is a high energy, unforgettable experience that helps prepare interns for their full-time career,” said Paula Loop, US and Global Talent Leader, PwC. “We emphasize the importance of individual contributions to the entire team and how the skills taught at each phase help them advance through the challenges.” Presumably, part of this experience will include persuasion skills that will convince the interns’ best and brightest friends (mostly those interested in tax) who are currently planning to intern with KPMG to defect to PwC at a moment’s notice. [PwC]
That was the question posed to us by our tipster. The answer: more and more defections. The latest is James Draper, per an internal email sent to us this morning.
Welcome new Risk Assurance Principal James Draper
The ranks of Risk Assurance continue to grow with the addition of accomplished professionals. These catalyst and experienced hires are helping us to evolve our services, and impress the marketplace with the expertise in which we deliver them. James Draper is our newest edition, joining us as a principle [sic, Jimbo is now a PwC “pal”] in our San Francisco office.
Jamie’s focus will be on helping to grow our IT&PA/ERP Controls services, particularly in the areas of SAP and JD Edwards. He joins us from KPMG where he has logged over 15 years experience assisting clients with technology risks. Instrumental in helping clients implement controls and security, Jamie has effectively managed the risks associated with large system implementations. In fact, he has assisted a number of global companies across a variety of industries through complex implementations, among them: Chevron, eBay, Nestle, Rolls-Royce (Aerospace) and Dolby. Jamie will help us to help our clients become more efficient in their control processes, leveraging system functionality including SAP’s Governance Risk & Compliance (GRC) module.
[The part where they talk about his personal life]
Please join me in welcoming Jamie to our firm, and to Risk Assurance.
If history is any indicator we’ll see a press release from PwC at some point but in the meantime, reactions to the latest KPMG turncoat are welcome at this time.
PwC US announced today that Steven Tseng has joined PwC US as a partner in the firm’s Transfer Pricing practice. Tseng will relocate to China in June to focus on helping multinational companies with their transfer pricing planning in China and the Asia Pacific region. Tseng will also take the lead role for tax and transfer pricing planning for companies seeking to transform their value chain globally, in particular in Asia.
Tseng joins the firm from KPMG, where he was the Asia Pacific Regional leader for Global Transfer Pricing Services (GTPS) as well as the partner in charge of GTPS in China and Hong Kong. Prior to this role, Tseng was partner in charge of Financial Advisory Services for KPMG in Finland.
Mr. Henry, a tax partner who has spent more than 25 years in public accounting, most recently at KPMG, has extensive experience in all areas of state and local taxation. He is best known for his work in the credits and incentives space, both domestically and worldwide. His experience in maximizing global incentives for large multinational corporations in the United States, Europe, Asia and Africa will enable both US-based and non-US-based multinational companies to benefit from his counsel when entering into economic incentives negotiations.
~ Post has been updated after initial publication, see below.
On Tuesday, we told that you KPMG was using the power of the Google search to try and woo anyone casually interested in “ey careers.” While this use of technological slight of hand by the firm is impressive, today comes word that at least one experienced recruiter within the House of Klynveld is taking a more direct approach:
Well it’s apparent that KPMG – or one of the initials – is desperate for advisory help. I know a ton of PWC peeps who received an email from this nuanced internal recruiter. This guy is spamming all of my colleagues.
From the sounds of it, our source is a little put off by this blatant attempt but for anyone looking for a new gig in the Chicago area, you may want to look this guy up:
FW: It is a great time to consider KPMG Advisory!!!
Hi [annoyed PwC advisory professional],
Your profile came up during our research efforts.
We are actively searching for top talent with Big 4 experience to join KPMG Advisory. In October 2009 we implemented a new structure for US Advisory to help us to better serve our client base and to drive more growth. We have been extremely successful with both of these goals and have a wide variety of opportunities across all of our Advisory Service Groups. I would love to speak with you about these opportunities and how they would be beneficial to you and align with your career goals.
Please let me know when you would have time for an initial conversation.
Finally, make your New Year a great one with a career at KPMG!
National Manager – KPMG Advisory Recruiting Research
Our source also isn’t sure why a restructuring from October 2009 is being used as a selling point but then again, maybe it’s part of the reason KPMG had the highest growth in revenue last year? Feel free to discuss.
UPDATE: This just in, “I work in PwC’s Boston office in tax and many of my colleagues received this email today. Looks like KPMG is after tax too, not just advisory. Thought I would pass it along as a follow up to your earlier post.”
[annoyed PwC tax professional],
Your profile came up during our research efforts.
We are actively searching for top talent with Big 4 experience to join the KPMG Tax Practice.
We are currently experiencing rapid areas of growth across the United States in our Federal, International and State and Local tax divisions.
We are also looking for qualified individuals in our specialty and industry specific practices in M&A Tax, Valuations Services, Financial Services /Alternative Investment Management and Tax Controversy. With so much anticipated growth we can offer faster upward career mobility than what you are currently getting.
I would love to speak with you about these opportunities and how they would be beneficial to you.
KPMG is poised to significantly increase our revenue over the next few years, and we’d like to discuss how you, or someone you know, might align with our strategy!
Please let me know when you would have time for an initial 20 – 30 minute conversation.
Make your New Year a better tomorrow with a career at KPMG.