Photo caption: PwC Nigeria logo
Last year, reports circulated that PwC was considering slashing up to half its financial services auditing staff in China, as a regulatory investigation and an exodus of clients darkened business prospects.
PwC last month shut operations in nine Sub-Saharan African countries following a strategic review.
It listed Ivory Coast, Gabon, Cameroon, Madagascar, Senegal, the Democratic Republic of Congo, Republic of Congo, Republic of Guinea, and Equatorial Guinea as countries affected.
In a statement published on its website, the accounting firm said the move was part of a strategic review.
The development came amid reports that it had exited a wider set of markets deemed high-risk or unprofitable.
The decision marks one of the most significant contractions by a major global accounting firm in the region in recent years.
PwC operates as a network of independent but affiliated partnerships, and said the move followed a review of its network structure and long-term strategy in certain markets.
The closures follow reports of internal tensions between PwC’s global leadership and local partners, particularly over the firm’s push to de-risk client portfolios.
A Financial Times report, citing people familiar with the matter, said that local partners in several African markets had seen revenues fall by more than one-third in recent years, after being asked to sever ties with clients deemed high risk.
