PricewaterhouseCoopers

On July 1, 1998, PricewaterhouseCoopers, commonly abbreviated as PwC, was formed as a result of a merger between two accounting firms, Price Waterhouse and Coopers & Lybrand. Both firms were among the largest accounting firms in the world prior to the merger. This merger created the largest accounting firm at the time, combining their expertise in audit, assurance, and tax services among other business advisory services.

In July 2002, PwC agreed to sell its consulting division to IBM in a deal valued at approximately $3.5 billion. This decision was partly driven by the desire to alleviate the perception of conflicts of interest within the firm after the enactment of the Sarbanes-Oxley Act, which imposed stringent new rules on accounting firms and their consultancy relationships with audit clients. The transaction was completed later that year and led to IBM’s expansion in business consultancy services.

On November 10, 2010, PwC undertook a global rebranding effort which included a new logo, a new color palette, and a new corporate strategy focused on building trust in society and solving important problems. This move was part of an effort to differentiate PwC from its competitors and expand its image beyond traditional accounting services to include broader business advisory services. The new design was introduced globally across PwC's 158 territories.

In June 2014, PwC announced the completion of its acquisition of Booz & Company, a major consulting firm. The acquisition was seen as a strategic move to enhance PwC's consulting capabilities and was motivated in part by the growing demand for consulting support in areas such as strategy, operations, risk management, and technology across industries. Following the acquisition, Booz & Company was rebranded as Strategy& and became part of the PwC network, strengthening its position in the market.

On October 24, 2016, PwC launched the 'Infinity Lab', a new innovation and analytics hub aimed at developing cutting-edge analytics solutions for its clients. Located in various global cities, these labs serve as centers of innovation, allowing PwC to collaborate with clients in creating new solutions using data analytics and emerging technologies. The initiative was part of PwC's wider investment in digital and data capabilities to better serve clients in an increasingly technological business environment.

On February 27, 2017, PwC was in the spotlight during the Academy Awards when the wrong movie was announced for Best Picture. PwC had been responsible for counting the votes for the Oscars for many years. During the event, 'La La Land' was incorrectly announced as the winner instead of 'Moonlight', due to PwC's partners handing the wrong envelope to the presenters. This incident led PwC to review and implement new protocols for handling results at major events.

In January 2018, PwC launched its Global Inclusion Index as part of a broader commitment to diversity and inclusion. This initiative aimed to measure and enhance diversity across its 200,000 employees worldwide, focusing on representation, experience, and workplace culture. PwC undertook various strategies to improve inclusiveness, such as promoting leadership pathways for underrepresented groups and fostering an environment of allyship across its global offices.

In June 2020, responding to global protests against racial injustice, PwC announced plans to invest $300 million in a series of measures aimed at combatting systemic racism both within the firm and in the communities it serves. These measures included diversifying its leadership, offering training and development to underrepresented groups, and adopting more transparent policies for diversity and inclusion. The firm also committed to leveraging its voice to promote racial equality beyond its own workforce.

On October 8, 2021, PwC announced it had reached its goal to become carbon neutral across its operations, a milestone in its sustainability journey. This achievement was part of PwC’s larger strategy to tackle climate change and reduce its environmental impact. As part of their efforts, PwC reduced consumption of energy, increased energy efficiency, and bought renewable energy and carbon offsets. This announcement underlined PwC’s commitment to building a more sustainable global economy.

In May 2022, PwC launched 'The New Equation,' a global strategy centered around two interconnected needs that clients face in the coming years: building trust and delivering sustained outcomes. This strategy aimed to position PwC as a leader in transforming businesses for sustainable growth, solving complex challenges, and harnessing technology and specialist expertise in ways that align with client objectives. The New Equation strategy was accompanied by a planned $12 billion investment over five years to support its implementation.