PwC Fee Growth Sapped by China/Australia Woes, Less Consulting

PwC, echoing its competitors, reported slower global growth in 2024 as demand for consulting work waned and revenues shrunk in its troubled Australia and China businesses.

The firm, also known as PricewaterhouseCoopers, drew on gains in its tax and assurance businesses and stronger results among its European branches to nudge total fees to $55.4 billion for the firm’s latest fiscal year that ended in June. That’s up 3.7% in local currency, far off the double-digit growth it posted a year ago.

The network is the third among the Big Four accounting firms to detail a slowdown as the industry grapples …