Key Stats
Founded: 1998 (merger of Price Waterhouse and Coopers & Lybrand); predecessor firms date to 1849
Headquarters: London, United Kingdom
Global Chairman: Mohamed Kande (since July 2024)
Employees: Over 370,000 globally (FY 2024)
Countries: 149 countries and territories
PricewaterhouseCoopers, commonly known as PwC, is a multinational professional services network headquartered in London. PwC is the second-largest professional services firm in the world by revenue and one of the “Big Four” accounting firms, alongside Deloitte, Ernst & Young (EY), and KPMG.
The firm provides audit and assurance, consulting, and tax services to clients across virtually every industry. PwC’s client base includes 82% of the Fortune Global 500 companies. For the fiscal year ending June 2024, PwC reported global revenues of $55.4 billion, with Advisory services generating $23.3 billion, Assurance services $19.5 billion, and Tax and Legal services $12.6 billion.
PwC in its current form was created in 1998 through the merger of Price Waterhouse and Coopers & Lybrand, both of which had histories stretching back to 19th century London. The network operates as a coordinated group of legally independent member firms overseen by PricewaterhouseCoopers International Limited, a private company limited by guarantee under English law.
PwC History
1849
Samuel Lowell Price
Samuel Lowell Price founds an accountancy practice in London, England. This firm would later become one of the two predecessors that merged to form PwC.
1854
William Cooper’s Practice
William Cooper establishes his own accountancy practice in London. Seven years later, when his three brothers join, the firm becomes Cooper Brothers.
1874
Price, Waterhouse & Co.
After forming a partnership in 1865 with Holyland and Waterhouse, the firm is renamed Price, Waterhouse & Co., establishing one of the most recognized names in accounting.
1898
Lybrand, Ross Brothers & Montgomery
Robert H. Montgomery, William M. Lybrand, Adam A. Ross Jr., and T. Edward Ross form their accounting firm in the United States, which would later merge into Coopers & Lybrand.
1957
Coopers & Lybrand Formed
Cooper Brothers & Co (UK), McDonald, Currie and Co (Canada), and Lybrand, Ross Bros & Montgomery (US) merge to create Coopers & Lybrand, forming a major international accounting network.
1998
PricewaterhouseCoopers Created
Price Waterhouse and Coopers & Lybrand merge to form PricewaterhouseCoopers, creating one of the largest professional services firms in the world.
2002
Consulting Sold to IBM
PwC partners approve the sale of PricewaterhouseCoopers Consulting to IBM for $3.5 billion, following post-Enron regulatory pressures on audit firms to separate consulting businesses.
2010
Brand Shortened to PwC
PricewaterhouseCoopers officially shortens its brand name to “PwC” for marketing purposes, while legally remaining PricewaterhouseCoopers.
PwC Founders
PwC’s history draws from multiple founding firms that merged over more than a century. The key founders of the predecessor companies helped establish the modern accounting profession.
Samuel Lowell Price
Samuel Lowell Price established an accounting practice in London in 1849, which grew into one of the most respected auditing firms of the Victorian era. In 1865, he joined with William Hopkins Holyland and Edwin Waterhouse, and by 1874 the partnership was renamed Price, Waterhouse & Co. The firm gained a reputation for integrity and was soon auditing major companies across the British Empire and the United States.
William Cooper
William Cooper founded his accounting practice in London in 1854. When his three brothers joined seven years later, the firm became Cooper Brothers. The firm developed expertise in insolvency and accounting services during Britain’s industrial expansion. Cooper Brothers would eventually merge with Canadian and American firms in 1957 to form Coopers & Lybrand.
PwC Revenue
PwC has shown consistent revenue growth over the past decade. The firm reported global gross revenues of $55.4 billion for fiscal year 2024 (ending June 30, 2024), growing 4.3% year-over-year. For fiscal year 2025, revenues reached $56.9 billion. Advisory services contribute the largest share of revenue, followed by Assurance and Tax/Legal services.
PwC Competitors
PwC competes primarily with the other three “Big Four” accounting firms, which together dominate the global market for audit, tax, and consulting services. Beyond the Big Four, PwC also faces competition from large management consulting firms and specialized professional services providers.
| Company | Headquarters | Primary Services |
|---|---|---|
| Deloitte | United Kingdom | Audit, consulting, tax, advisory |
| Ernst & Young (EY) | United Kingdom | Audit, tax, consulting, strategy |
| KPMG | Netherlands | Audit, tax, advisory |
| Accenture | Ireland | Consulting, technology, operations |
| McKinsey & Company | United States | Management consulting |
| Boston Consulting Group | United States | Management consulting, strategy |
| Bain & Company | United States | Management consulting |
| BDO International | Belgium | Audit, tax, advisory |
| Grant Thornton International | United Kingdom | Audit, tax, advisory |
| RSM International | United Kingdom | Audit, tax, consulting |
FAQs
What does PwC stand for?
PwC stands for PricewaterhouseCoopers, a name formed from the 1998 merger of Price Waterhouse and Coopers & Lybrand. The firm officially shortened its brand name to “PwC” in 2010, though the legal name remains PricewaterhouseCoopers.
What services does PwC provide?
PwC provides audit and assurance services, consulting and advisory services, and tax and legal services. These span areas including financial audit, risk management, deals and transactions, digital transformation, cybersecurity, ESG, cloud services, and workforce consulting.
Is PwC a public company?
No, PwC is not a publicly traded company. It operates as a network of legally independent member firms coordinated by PricewaterhouseCoopers International Limited, a private company limited by guarantee under English law. Each member firm is a separate legal entity.
Who is the CEO of PwC?
PwC does not have a traditional CEO structure. Mohamed Kande serves as Global Chairman since July 2024, leading the network of firms. Each country or territory’s PwC firm has its own leadership, operating as independent entities within the global network.
How many employees does PwC have?
PwC employs over 370,000 people globally as of fiscal year 2024. The workforce is distributed across 149 countries and territories, with the largest concentrations in Europe, Middle East and Africa (EMEA), the Americas, and Asia Pacific regions.
