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☆ Meet the executive tasked with Citi's hardest challenge: getting the bank's house in order
▼ + stars: | 2024-10-09 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +18 min

For Selva, leading the Transformation is unlike any test he has faced in his three-decade career at Citi. To do so, he has to solve for Citi's decades of underinvestment in its infrastructure, which affects every business line of the bank. Under Selva, Citi was the No. Related stories"The challenge with the Transformation role is you are accountable yet not responsible," the managing director in the Transformation said. Courtesy of CitiBringing in Ryan, the bank's head of technology and business enablement, to help the bank catch up makes sense.

Persons: Jane Fraser, Anand Selva, Selva, Sen, Elizabeth Warren, We've, Fraser, Gonzalo Luchetti, Luchetti, Kathleen Martin, Martin, Mike Mayo, Tim Ryan, Mayo, Vernon Yuen, Adora Tidalgo, Anand, Jim O'Donnell, Win McNamee, Andy Sieg, Tidalgo, Phil Waxelbaum, Jeffrey Warren, Ryan, Warren, Ashutosh Nawani, Japan Mehta, Mehta, Nawani, Tom Williams, Timothy Coffey, Janney Montgomery Scott, they've, Stephen Biggar Organizations: Citigroup, Citi, Federal Reserve, Currency, OCC, Business, underperformance, BI, Citi ., Coimbatore Institute of Technology, Madurai Kamaraj University, Asia Pacific, divesting, Employees, Merrill Wealth Management, PricewaterhouseCoopers, Russell Reynolds Associates, Securities, Exchange Commission, Bloomberg, Getty, Argus Research Locations: Selva, Chennai, India, Asia, who's, Wells, Madurai, Coimbatore, China, Singapore, New York, Fraser, Europe, Ryan

Anna Sebastian Perayil died in July, four months after joining the Pune office of Ernst & Young, one of the “Big Four” accounting firms. In a LinkedIn post on Thursday, Ernst & Young India chairman Rajiv Memani acknowledged Augustine’s letter and said he was “deeply saddened” by what had happened. “This is a systemic issue that goes beyond individual managers or teams,” Augustine wrote. So for many on social media, Perayil’s death was also an indictment of the broader work culture in India, where young job seekers face fierce competition. “Like many in her position, she did not have the experience or the agency to draw boundaries or push back against unreasonable demands,” Augustine wrote.

Persons: Anna Sebastian Perayil, Ernst & Young, Anita Augustine, “, ” Augustine, ”, Young, Ernst, Rajiv Memani, ” Memani, Shobha Karandlaje, Perayil, Augustine, Narayana Murthy Organizations: Pune, Ernst, NBC News, Young, Indian Express, Deloitte, KPMG, PricewaterhouseCoopers, World Bank, International Labor Organization, Infosys, LinkedIn Locations: India, Indian, Japan, South Korea, China

☆ Citi shakes up leadership after $136 million in fines for data quality issues. A memo to employees breaks down what you need to know.
▼ + stars: | 2024-09-16 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +4 min

In July, regulators fined the bank $136 million for failing to fix its data quality issues quickly enough. "Data and technology are intrinsically linked and the maturity and sustainability of our Data Transformation plan require that we leverage technology more," the memo reads. AdvertisementCiti is also appointing a new leader to run its Chief Data Office: Ashutosh Nawani, who previously led enterprise risk management. Nawani will report to Ryan and serve as head of enterprise data office and data transformation. Mehta became chief data officer the following month.

Persons: —, Tim Ryan, Anand Selva, Ryan, we've, Selva, We've, Ashutosh Nawani, Nawani, Japan Mehta, Jane Fraser, Kathleen Martin, Martin, Mehta Organizations: Service, Citigroup, Citi, Business, PricewaterhouseCoopers, Revlon, Data, PwC, OCC Locations: London, Japan, India, Asia, Singapore, New York, Selva

☆ PwC tells employees it will use location data to police ‘back-to-office’ rule
▼ + stars: | 2024-09-06 | by ( Lianne Kolirin | ) edition.cnn.com time to read: +4 min

London CNN —PricewaterhouseCoopers (PwC) will start tracking where its employees in the United Kingdom work, in a bid to dial back its current work-from-home culture. Previous guidelines required them to be in for between two and three days each week, but the memo suggests that was not universally adhered to. “With that in mind, we will start sharing your individual working location data with you on a monthly basis from January as we do with other data such as chargeable hours. This will help to ensure that the new policy is being fairly and consistently applied across our business,” it added. Earlier this year, IBM told its US-based managers they had to work in the office at least three days a week or leave their positions.

Persons: PwC, ”, Laura Hinton, PWC, we’d, Claire McCartney Organizations: London CNN — PricewaterhouseCoopers, Staff, CNN, Employees, PwC, IBM, UPS, Meta, “ Employers Locations: United Kingdom

☆ Move over dealmakers: Portfolio-company operators are the rising stars of private equity
▼ + stars: | 2024-08-14 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +11 min

Read previewDealmakers have always been the stars of private equity. AdvertisementKevin Desai, partner and private equity sector leader at PwC PWCBut in the current climate, portfolio-operations professionals are gaining esteem. AdvertisementPrivate equity 3.0Rising interest rates nearly two and a half years ago ushered in a new economic reality that hit private equity firms right in the pocket. Since private equity relies on debt to boost returns, the first option is off the table. These people are taking their talents to private equity firms to manage smaller companies using an already proven playbook for technological transformation.

Persons: —, you've, Marc Rowan, Rowan, Kevin Desai, Desai, I've, What's, they're, quants, we've Organizations: Service, Business, PricewaterhouseCoopers, University of Chicago, Walmart, Nike, Harvard Business Locations: dealmaking

☆ Sotheby’s expands Hong Kong footprint with cavernous new exhibition and retail space
▼ + stars: | 2024-07-29 | by ( Oscar Holland | ) edition.cnn.com time to read: +5 min

CNN —A fossilized mammoth skull, centuries-old ceramics and Banksy’s famous self-shredding painting are among hundreds of high-value collectibles on show at Sotheby’s ambitious new retail outpost in Hong Kong. With younger collectors seemingly in mind, items on the first floor range in price from 5,000 to 50 million Hong Kong dollars ($640 to $6.4 million). The venture is the latest signal that major auction houses still consider Hong Kong to be their long-term hub in Asia. In June, Hermès also unveiled its expanded retail space in the neighborhood. It has simultaneously sought to grow its footprint in Hong Kong — not only with its newly unveiled Maison, but also a nearby 36,000-square-foot regional headquarters, due to open later this year.

Persons: Maison, Hong Kong, Art Basel’s, Isaac Lawrence, Louis Vuitton, Hermès, Sotheby’s, Patrick Drahi, Hong Kong —, Christie’s, Zaha Hadid’s, Phillips, Bonhams, Nathan Drahi Organizations: CNN, Hong Kong, UBS, Art, Art Basel, Getty, PricewaterhouseCoopers, Louis, Sotheby’s Locations: Hong Kong, Central, Asia, China, Hong, Hong Kong's Central, AFP, London, Singapore, Shanghai, Sotheby’s, Sotheby’s Asia, Paris, New York

Business Insider checked in with four major firms — Boston Consulting Group, Ernst & Young, McKinsey, and PricewaterhouseCoopers (PwC) — for insights into what they might be looking for in prospective employees. AdvertisementWhat kinds of roles are consulting firms hiring for? Consulting firms often hire for a range of positions. Rod Adams, talent acquisition and onboarding leader at PwC, told BI that the company is hiring consultants, engineers, accountants, and tax professionals, among other roles. Consulting firms often say there isn't one specific background or set of skills they look for.

Persons: —, isn't, Ernst & Young, Ernst &, Alicia Pittman, Pittman, Ernst, Young, Rod Adams, who've, PwC, Adams Organizations: Service, McKinsey & Company, Business, Boston Consulting Group, Ernst, Ernst & Young, McKinsey, PricewaterhouseCoopers, Consulting, BI

☆ The trips Justice Clarence Thomas took with Harlan Crow — that we know of
▼ + stars: | 2024-06-18 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +7 min

Read previewSupreme Court Justice Clarence Thomas is once again facing renewed scrutiny amid details about undisclosed trips he took with GOP mega-donor Harlan Crow. Advertisement"The Judicial Conference changed this provision last year, and Justice Thomas has fully complied with the new disclosure requirement," Berke said. GOP megadonor Harlan Crow has defended his relationship with Justice Clarence Thomas after a series of bombshell ProPublica reports. July 2019: Bali, IndonesiaThomas and Crow's 2019 Bali vacation was the centerpiece of ProPublica's original 2023 report. ProPublica previously reported on Thomas' trips to the gentleman's retreat.

Persons: —, Clarence Thomas, Harlan Crow, Thomas, Sen, Dick Durbin, Crow, ProPublica, Michael Zona, Committee's, Elliot S, Berke, Louis, New York ProPublica, Camp Topridge, Leonard Leo, Chris Goodney, Indonesia Thomas, Ginni Thomas, Michaela Rose, Bohemian Grove , California Thomas, Topridge, Topridge —, buddy's hideaway, Crow's, Justice Organizations: Service, GOP, Business, BI, Verizon, PricewaterhouseCoopers, Bloomberg, Getty, Washington Post, DC, Supreme Locations: Indonesia, Grove, Monte Rio , California, Montana, St, Kalispell , Montana, Dallas, New York, Crow's, Thomas, Savannah , Georgia, Georgia, Bali, Bohemian Grove , California, Bohemian Grove, Northern California, Washington, San Jose , California, New Zealand

☆ China fines Evergrande's Hengda $577 million for fraudulent bond issuance
▼ + stars: | 2024-05-31 | by ( ) www.cnbc.com time to read: +1 min

An aerial view of construction sites and new residential developments in the Nanchuan area of Xining, Qinghai province, China. China has fined China Evergrande's onshore flagship unit 4.18 billion yuan ($577 million) for fraudulent bond issuance and illegal information disclosure, the China Securities Regulatory Commission (CSRC) said on Friday. The regulator also fined Evergrande founder Hui Ka Yan 47 million yuan and barred him from the securities market for life, according to a statement. "The maximum fine (against Hengda) is the most severe since the unified law enforcement of the bond market," said CSRC, adding it had considered Hengda's bond issuance size and mandate to complete home constructions for buyers when making the decision. China is weighing imposing a record fine of at least 1 billion yuan on PricewaterhouseCoopers LLP and suspending some of the auditor's local operations over its role in auditing Evergrande, Bloomberg News reported on Thursday.

Persons: Hui Ka, Evergrande Organizations: China, China Securities Regulatory Commission, Evergrande, Hui Ka Yan, PricewaterhouseCoopers LLP, Bloomberg Locations: Nanchuan, Xining, Qinghai province, China, Hong Kong

☆ US concert spending: Americans will continue to spend big on live shows in 2024
▼ + stars: | 2024-04-20 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

It was remarkable, given that inflation was elevated and interest rates were at their highest in two decades. “With the job market and economy holding strong, consumers could continue spending on these tours – and there’s certainly still demand,” Liz Anderson, a content strategist at jobs site Appcast, said in a statement to CNN. Beyoncé released “Cowboy Carter” on March 29, her eighth studio album featuring 27 tracks rooted in country music. Swift released her eleventh studio album, “The Tortured Poets Department,” Friday, and it soared past Beyoncé’s streaming record in just a few hours, becoming Spotify’s most streamed album in a single day of 2024. Swift’s latest set of music was released a “double album,” consisting of 15 extra tracks.

Persons: Washington CNN — Taylor Swift, Swift, Olivia Rodrigo, Bad, there’s, Liz Anderson, ”, Taylor Swift, Beyoncé, —, Bruce Springsteen, Coldplay, Carter ”, hasn’t, Pawan Joshi, “ We’re, ’, Jeanelle Johnson Organizations: Washington CNN, Coachella Valley Music and Arts, Billboard, Federal, CNN, Poets Department, International Monetary Fund, PricewaterhouseCoopers Locations: Coachella, States

The "Big Four" accounting firms employ about 1.3 million people worldwide. Business Insider analyzed data to determine how much accountants and consultants are paid at these firms. AdvertisementThe so called "Big Four" accounting firms — Deloitte, PricewaterhouseCoopers (PwC), KPMG, and Ernst & Young (EY) — are known for paying their staff high salaries. Business Insider analyzed the US Office of Foreign Labor Certification's 2023 disclosure data for permanent and temporary foreign workers to find out what PwC, KPMG, EY, and Deloitte paid US-based employees for jobs ranging from entry-level to executive roles. AdvertisementHere's how much Deloitte, PwC, KPMG, and EY paid their hires.

Persons: —, Ernst, Young, EY Organizations: Service, Deloitte, PricewaterhouseCoopers, KPMG, Business, of Foreign Labor, EY, PwC

☆ The accountant shortage is so bad that it's delaying key reports at companies like Tupperware
▼ + stars: | 2024-04-01 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +4 min

Read previewThe accountant shortage is so bad that companies are delaying filing key mandatory reports. On Friday, Tupperware said it didn't have enough accountants to get its annual report out on time. The storage container manufacturer is the latest on a growing list of companies that have delayed their annual reports for a host of reasons. About 70 companies have postponed annual reports this year, up 40% from last year, research company Intelligize tallied last month. Tupperware added that previous delays in filing its 2022 annual report led to postponement of its quarterly reports, which subsequently pushed back work on its 2023 annual report.

Persons: —, Tupperware, Intelligize, Steven Kachelmeier, Fitness Organizations: Service, Business, LinkedIn, PricewaterhouseCoopers, American Institute of Certified Public Accountants, US Bureau of Labor Statistics, Accountants, University of Texas, Mattel, Securities, Exchanges Locations: Orlando, Poland, American

☆ Go to the office 4 to 5 times a week if you're young and want to score a promotion, says a corporate leader
▼ + stars: | 2024-01-17 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Read previewJunior employees should show up at the office more often if they want to score promotions, says a corporate leader. "If you're asking me my opinion on how you succeed in your career," Kevin Ellis, the chair of PricewaterhouseCoopers UK, said. With AI now a part of the workplace, face time and getting people together in the office is important, he added. Companies have been struggling with how to manage remote work following the COVID-19 pandemic. That's because, as my colleague Amanda Goh wrote last year, the generation still can't make up its mind about going into the office.

Persons: —, Kevin Ellis, Ellis, Jamie Dimon, Goldman Sachs, David Solomon —, Gen Z —, Amanda Goh Organizations: Service, Business, PricewaterhouseCoopers, Bloomberg, Economic, JPMorgan Chase Locations: Davos, Switzerland

The CEOs' expectation of economic decline has dropped to 45% from a record-high 73% last year, and fewer saw their company as highly exposed to the risk of geopolitical conflict, according to the PwC Global CEO Survey. Political Cartoons View All 253 ImagesThe executives, meanwhile, felt worse about the prospects for their companies' ability to weather big changes. Similar to AI, the PwC survey shows that the climate transition is both an opportunity and a risk. An increasing number of CEOs — nearly a third — say climate change was expected to shift how they do things over the next three years. The PwC survey of 4,702 CEOs in 105 countries and territories was conducted from Oct. 2 to Nov. 10.

Persons: Yemen’s Houthi, ” Bob Moritz, ” PwC, Edelman, Richard Edelman, —, ___ Masha Macpherson, David Keyton Organizations: —, PwC, PwC Global, Survey, Bank, PricewaterhouseCoopers, Associated Press Locations: Davos, Switzerland, Ukraine, Red

☆ I got a tech job and quadrupled my salary to $400,000 after leaving law. You don't need a traditional tech background to succeed in the industry.
▼ + stars: | 2023-12-04 | by ( Ellen Nguyen | ) www.businessinsider.com time to read: +7 min

She started her career as a lawyer and pivoted to real estate and recruiting before data privacy. AdvertisementThis as-told-to essay is based on a conversation with Jonea Gordon, a 35-year-old year data privacy program manager based in Philadelphia. Transitioning from law to data privacy and income growth from $90,000 to over $400,000 in five years marks my journey in this field. But this move was strategic because I discovered the lucrative potential of data privacy in tech, which far exceeded my initial expectations. Advice for othersMy advice for those new to tech, particularly in data privacy, is to start in consulting.

Persons: Jonea Gordon, —, I'd, could've, Ernst, Young —, I've Organizations: Cruise, Service, Meta, Google, Twitter, Boston Consulting Group, Big, Deloitte, PricewaterhouseCoopers, KPMG Locations: Philadelphia

☆ PwC’s China and Hong Kong Units Fined in Training Exam Cheating Probe
▼ + stars: | 2023-12-01 | by ( Mark Maurer | ) www.wsj.com time to read: 1 min

More than 1,000 workers at PwC China and PwC Hong Kong engaged in training-exam misconduct from 2018 to 2020, according to the PCAOB. Photo: Alyssa Schukar for The Wall Street JournalThe Public Company Accounting Oversight Board fined PricewaterhouseCoopers’s China and Hong Kong units over training exam misconduct from hundreds of employees as part of its first set of enforcement settlements with audit firms in the region since it gained full access to inspect them late last year. PwC Hong Kong and PwC China agreed to pay a combined $7 million to settle claims that they failed to detect or prevent extensive and improper answer sharing on tests for mandatory internal training courses, the U.S. auditing watchdog said Thursday.

Persons: Alyssa Schukar Organizations: Wall Street, Company Locations: China, Hong Kong, PwC Hong Kong, U.S

☆ Meet Greg Abel, Warren Buffett's successor and heir apparent to Berkshire Hathaway
▼ + stars: | 2023-11-29 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +4 min

Warren Buffett named Greg Abel, 61, as his successor at Berkshire Hathaway back in 2021. Abel started out as an accountant, before taking the reins as CEO of Berkshire Hathaway Energy. The Canadian businessman is currently chair of Berkshire Hathaway Energy and vice chair for non-insurance operations at Berkshire Hathaway. Abel took over the reins of MidAmerican in 2008, which was renamed Berkshire Hathaway Energy in 2014. Abel's tenure as Berkshire Hathaway Energy's CEO would last for two decades until he stepped down in 2018.

Persons: Warren Buffett, Greg Abel, Abel, Charlie Munger's, —, Berkshire Hathaway, Buffett, Greg who'd, CNBC's Becky Quick, Charlie Munger, Berkshire acolyte Abel, CalEnergy, Warren Buffett Abel, Greg, Munger, He's, Warren Organizations: Berkshire Hathaway, Berkshire Hathaway Energy, Service, Berkshire, CNBC, University of Alberta, mater's, PricewaterhouseCoopers, MidAmerican Energy, doer, Directors, Business Insider Locations: Berkshire, Canadian, MidAmerican, Munger

☆ After Munger's death, Berkshire succession comes into focus
▼ + stars: | 2023-11-29 | by ( Jonathan Stempel | ) www.reuters.com time to read: +6 min

[1/4] Berkshire Hathaway Inc Vice Chairman Charles Munger speaks at the Daily Journal annual meeting in Los Angeles, U.S., February 15, 2017. Munger's death on Tuesday, five weeks shy of his 100th birthday, leaves Berkshire Vice Chairmen Greg Abel and Ajit Jain, who respectively oversee its non-insurance and insurance businesses, as the 93-year-old Buffett's top advisers and sounding boards. At the 2021 annual meeting, Jain was asked how he and Abel interact with each other. "You don’t need them to be as good as Buffett or Munger to make Berkshire a good company and arguably a great company." "It particularly doesn't feel like an annual meeting because my partner of 60 years, Charlie Munger, is not sitting up here," Buffett said.

Persons: Charles Munger, Lucy Nicholson, Berkshire, Charlie Munger, Warren Buffett, Buffett, Munger, Munger's, Greg Abel, Ajit Jain, Abel, Jain, Warren, Charlie, Bill Stone, Howard Buffett, Todd Combs, Ted Weschler, Bill Smead, Whitney Tilson, Munger didn't, Jonathan Stempel, Megan Davies, Paritosh Bansal, Stephen Coates Organizations: Berkshire Hathaway, Daily, REUTERS, Berkshire Hathaway's, Berkshire, BNSF, Investors, Glenview Trust, Berkshire Hathaway Energy, University of Alberta, PricewaterhouseCoopers, Energy, MidAmerican's, Apple, Smead Capital Management, Kase Capital, Thomson Locations: Los Angeles , U.S, Berkshire, Omaha , Nebraska, Munger, Glenview, Edmonton, Alberta, Indian, Odisha, Phoenix, Woodstock, Omaha, New York

☆ What Charlie Munger's death means for Warren Buffett and Berkshire Hathaway
▼ + stars: | 2023-11-28 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +4 min

Charlie Munger, vice chair of Berkshire Hathaway and second-in-command to Warren Buffett, is dead at 99. With Munger's death, Greg Abel may have a closer working relationship with Buffett. AdvertisementCharlie Munger, also known as Warren Buffett's right-hand man, died Tuesday at 99 — leaving open the role of vice chair of Berkshire Hathaway. Munger served as the 93-year-old Buffett's second-in-command for years, amassing a net worth of nearly $2.3 billion while overseeing Berkshire Hathaway. He was named CEO of MidAmerican — now Berkshire Hathaway Energy — in 2008 and was named vice chairman of non-insurance operations for all of Berkshire Hathaway in 2018, securing himself a role on the conglomerate's board of directors that same year.

Persons: Charlie Munger, Berkshire Hathaway, Warren Buffett, Greg Abel, Buffett, Abel, —, Warren Buffett's, Munger, Greg, He's, Warren, CalEngery, MidAmerican, Pat Egan, Egan, Troy Bader, Bader Organizations: Service, Berkshire, Berkshire Hathaway Energy, doer, PricewaterhouseCoopers, Dairy Locations: Berkshire, Canadian, MidAmerican —, Omaha

☆ EY and PwC Diverge in Choice of Global Head
▼ + stars: | 2023-11-21 | by ( Mark Maurer | ) www.wsj.com time to read: 1 min

Two of the world’s largest accounting firms, Ernst & Young and PricewaterhouseCoopers, picked global chairs with starkly different backgrounds but tailored to the specific problems they are facing, from governance issues to slowing revenue growth. EY picked Janet Truncale, 53, head of its Americas financial-services business as its new global chair and chief executive last week. Truncale, who rose from being an EY intern to her appointment as the first woman to run a Big Four firm, is a certified public accountant by training with core skills in auditing, accounting and consulting, which will be key to moving the firm beyond the abandoned split of its advisory and audit arms into separate businesses.

Persons: Ernst &, EY, Janet Truncale, Truncale Organizations: Ernst, Ernst & Young, PricewaterhouseCoopers

SAN FRANCISCO (AP) — President Joe Biden and other global leaders have spent the past few days melding minds with Silicon Valley titans in San Francisco, their discussions frequently focusing on artificial intelligence, a technology expected to reshape the world, for better or worse. “The world is at an inflection point — this is not a hyperbole," Biden said Thursday at a CEO summit held in conjunction with APEC. None were more bullish than Microsoft CEO Satya Nadella, whose software company has invested more than $10 billion in OpenAI, the startup behind the AI chatbot ChatGPT. That is, we finally have a technology that understands us, not the other way around,” Nadella said at the CEO summit. Musk had been scheduled to discuss his hopes and fears surrounding AI during the CEO summit with Salesforce CEO Marc Benioff, but canceled Thursday because of an undisclosed conflict.

Persons: Joe Biden, Biden, Satya Nadella, ChatGPT, Nadella, “, ” Nadella, Sundar Pichai, ” Pichai, we’ve, Pichai, ”, State Condoleezza Rice, ” Robert Moritz, Moritz, Elon Musk, Musk, Marc Benioff Organizations: FRANCISCO, Valley titans, Economic Cooperation, APEC, Microsoft, Google, Inc, State, Hoover Institution, Stanford University, “, PricewaterhouseCoopers Locations: San Francisco, Asia, OpenAI

☆ AI is going to force millions of workers to train for new jobs. The US has historically been terrible at this.
▼ + stars: | 2023-11-14 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

Experts say many of those workers will need to be retrained for new jobs to avoid being left behind. The US economy has struggled in recent decades to help workers adjust to job disruptions. Emerging generative AI technologies like ChatGPT could eliminate or change the nature of millions of jobs over the next decade. AdvertisementWhen Donald Trump promised to bring back manufacturing jobs before the 2016 election, he was speaking to the Americans who had been left in the lurch. But many overseas jobs aren't likely to return anytime soon, among the reasons job retraining was — and remains — necessary for impacted workers.

Persons: —, Richard Baldwin, Seth Carpenter, Morgan Stanley, hasn't, Donald Trump, Michael Chui, Chui, Ethan Mollick Organizations: Service, Global, Economic, Institute, McKinsey Global Institute, University of Pennsylvania's Wharton School, PricewaterhouseCoopers, IBM, Schools Locations: United States, Mexico

It said it would tender for a new external auditor as part of "best practice for audit firm rotation". PwC has audited Westpac since 2002, before which PwC partners and their ancestor firms had audited the bank since 1968. However, PwC's lead Westpac audit partner assumed the role less than two years ago, in December 2021, according to a Westpac governance statement this month. A PwC Australia spokesperson said the firm understood the board's decision and was proud of its time as Westpac's auditor. Renamed Scyne Advisory, roughly 1,400 of PwC Australia's more than 9,000 staff moved over to the new firm.

Persons: Loren Elliott, PwC, Lewis Jackson, Christopher Cushing, Robert Birsel Organizations: Westpac, Central Business District of, REUTERS, Rights, Westpac Group, PricewaterhouseCoopers, PwC's, Google, Uber Technologies, Facebook, Meta, PwC, Scyne Advisory, Scyne, Thomson Locations: Central Business District of Sydney, Australia, PwC Australia

☆ Bain close to buying consulting firm Guidehouse in $5 bln deal- WSJ
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +1 min

The logo of Bain Capital is displayed on the screen during a news conference in Tokyo, Japan October 5, 2017. REUTERS/Kim Kyung-Hoon/File photo Acquire Licensing RightsNov 5 (Reuters) - Bain Capital is close to acquiring Guidehouse, a consulting firm that advises government organizations and businesses, in a deal valuing it at $5.3 billion including debt, the Wall Street Journal reported on Sunday. Bain Capital declined to comment when contacted by Reuters, while Guidehouse did not immediately respond to a request for comment. Private equity firm Veritas Capital acquired the U.S. public sector business of accounting firm PricewaterhouseCoopers in 2018 and rebranded it as Guidehouse. Reporting by Devika Nair in Bengaluru; Editing by Rashmi Aich and Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

Persons: Kim Kyung, Guidehouse, Devika Nair, Rashmi Aich, Subhranshu Organizations: Bain Capital, REUTERS, Wall Street, Reuters, Veritas Capital, U.S, PricewaterhouseCoopers, Thomson Locations: Tokyo, Japan, Bengaluru

☆ Tesla whistleblowers filed a complaint to the SEC in 2021, but the agency never interviewed them. Here's what the complaint said
▼ + stars: | 2023-10-12 | by ( Lora Kolodny | ) www.cnbc.com time to read: +22 min

With a "goodwill" repair, Tesla essentially foots the bill for labor, parts or accessories given to keep a customer happy. "Were Tesla to accurately categorize its 'goodwill' repairs as warranty repairs, it would likely need to restate earnings for every quarter since at least 2017," the tipsters wrote in their submission. In one example, the tipsters said screenshots showed other Tesla employees changed the status of material used in manufacturing from "scrap" to "work in progress." In another example, the complaint said screenshots showed Tesla employees had manually changed the status of "used" cars to "new" in a program that tracked vehicle deliveries data. In correspondence to the agency expanding on their complaint, the whistleblowers alleged this raises questions about the firm's independence and objectivity in judging Tesla's financials.

Persons: Brandon Bell, Elon, Tesla's, Tesla, Musk, Ann Lipton, Lipton, Karen Nelson, Nelson, Nicholas Parks, it's, Oxley, restate financials Organizations: Getty, U.S . Securities, Exchange Commission, SEC, PricewaterhouseCoopers, CNBC . Agency staff, CNBC, Twitter, Tulane Law School, University of Chicago Law School, Securities, Sarbanes, Oxley, Texas Christian University, Public Company, Tesla, Parks, Nelson, Business, Exchange, Board, SpaceX, The Boring, California Alternative Energy, Transportation Financing Authority Locations: Austin , Texas, Tesla, California, U.S, Delaware

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