Battles for talent between PwC & KPMG may becomea war soon

This discussion is constructive appraisal of Accountancy in India and Accountancy Bodies have on the business. The focus will be from point of view of public interest and other stakeholders. Members are expected to discuss from point of view of current legislation prevailing in India and also contrast with international practises. Discuss on MRAs and MOU between the accounting bodies.

This is a open forum. Please share your opinion in professional manner or else face moderation.
Forum rules

This discussion is constructive appraisal of Accountancy in India and Accountancy Bodies have on the business. The focus will be from point of view of public interest and other stakeholders. Members are expected to discuss from point of view of current legislation prevailing in India and also contrast with international practises.

This is a open forum. Please share your opinion in professional manner or else face moderation.

Battles for talent between PwC & KPMG may becomea war soon

Postby Sanket on Tue Oct 15, 2013 1:29 pm

30 mid-to-senior executives from PwC’s
business consulting division resigned to join
rival KPMG even as former poaches dozens from
KPMG.
BANGALORE | NEW DELHI: Battles for talent,
brewing between advisory firms
PricewaterhouseCoopers (PwC) and KPMG for several
months now, is now threatening to escalate into a
full-blown war.
Last Monday, 30 mid-to-senior executives from
PwC's business consulting division resigned to join
rival KPMG. At the same time, PwC is also gearing up
to welcome almost half-a-dozen partners and 130
executives it has poached from KPMG's forensics
advisory business.
According to two people with direct knowledge,
another 30 PwC professionals across levels are said
to be considering leaving in the coming months,
possibly to join KPMG. A PwC official, however, said
the number of resignations were "significantly less
than that".
On the other hand, Sudhir Dungerpur, a senior
partner from KPMG, is expected to join PwC this
week and others from KPMG will come onto PwC's
roll in next 5-7 weeks, said a person familiar with
the development.
This is likely to include Deepak Sanwalka, who
headed KPMG's 1,400-strong risk consulting division,
other senior partners Dinesh Anand, Murli Talasaliya,
Gaganpreet Puri and Arpita Pal and roughly 130
executives.
KPMG is keen to expand its business/operational
consulting practice. It poached Ambarish Dasgupta
from PwC in February to head this.
"I have no clue whether they are leaving PwC; and if
they are leaving, where they are going ," Dasgupta
said when asked whether the 30 PwC consultants
who resigned will be joining his team at KPMG. He is
partner and the head of management consulting
practice at KPMG India.
A person familiar with the developments says that
endof-the-month collections or business targets
have been the major source of uncertainty and
disenchantment at PwC. While assurance and audit
are assured businesses for the firm, advisory is
about hunting for new clients and business . The
advisory division is expected to get business worth
about Rs 120 crore every year, according to this
source.
"Our talent pool is widely respected and sought after
in the industry today. While there have been a few
resignations in our operations consulting, our
advisory business is doing really well," said Michael J
Surface, head of PwC advisory in India. According to
some executives ET spoke with, PwC is negotiating to
retain some of the consultants.
Similarly, PwC, which is keen on strengthening its
forensic advisory business, is storming KPMG for
talent. The latter's forensics division is the largest in
the country and has been engaged in a number of
high-profile forensics audits, such as for Reebok
India and Bharti-Walmart. Some of the leading
private sector banks, accused of indulging in money
laundering by an online portal in March this year,
had also engaged KPMG for a comprehensive internal
enquiry.
"Seven partners are joining from Big Four, taking
the total number of partners in the forensics
division to nine," said PwC's Surface.
Since February, ET has been reporting a series of
people movements between the two firms. So far,
one CEO, a few business heads, over a dozen
partners and perhaps as much as 200 executives
have crossed over between the two rivals, or are on
the verge of doing so.
A KPMG spokesperson declined comment.
This February, Russell Parera , who had earlier been
KPMG CEO for six years till October, quit and joined
PwC as the head of client service and assurance
markets and industries. This came close on the heels
of Richard Rekhi being voted as the new KPMG CEO.
Rekhi edged Parera out in a poll among 150
partners, the first such in 20 years.
Much of the busy attrition traffic between the two
firms has happened since.

http://m.economictimes.com/news/news-by-industry/jobs/battles-for-talent-between-pwc-kpmg-may-become-a-war-soon/articleshow/24170208.cms
Sanket
 
Posts: 432
Joined: Sat Nov 15, 2008 4:59 pm
Gender: Male
Country: India (in)
Full Name: Sanket Arvind Patel
Education: B.COM(HONS) ;ACMA
Year of Membership or Passing: 2009
ICAI (CMA) Membership: ACMA
Karma: 17

Return to Accountancy Profession in India


Who is online

Users browsing this forum: No registered users and 1 guest