Editing PwC (section)

==History==
The firm was created in September 1998 when Coopers & Lybrand merged with Price Waterhouse.<ref name=chronology />

===Coopers & Lybrand===
In 1854, [[William Cooper (accountant)|William Cooper]] founded an accountancy practice at No. 13 George Street in London. It became Cooper Brothers seven years later when his three brothers joined.<ref name=chronology />

In 1898, [[Robert Hiester Montgomery|Robert H. Montgomery]], William M. Lybrand, Adam A. Ross Jr. and his brother T. Edward Ross formed Lybrand, Ross Brothers and Montgomery in the United States.<ref name=chronology />

In 1957, Cooper Brothers, along with Lybrand, Ross Bros & Montgomery and a Canadian firm (McDonald, Currie and Co.), agreed to adopt the name Coopers & Lybrand in international practice.<ref name=chronology /> In 1973, the three member firms in the UK, US and Canada changed their names to Coopers & Lybrand.<ref>{{Cite web|url=http://www.icaew.com/~/media/Files/Library/subjects/accounting%20history/family%20trees/family-tree-coopers-lybrand|title=ICAEW: Firms family trees|access-date=18 October 2011|archive-date=19 January 2012|archive-url=https://web.archive.org/web/20120119002033/http://www.icaew.com/~/media/Files/Library/subjects/accounting%20history/family%20trees/family-tree-coopers-lybrand|url-status=live}}</ref> Then in 1980, Coopers & Lybrand expanded its expertise in [[insolvency]] substantially by acquiring [[Cork Gully]], a leading firm in that field in the UK.<ref>{{cite web|url=http://www.managementtoday.co.uk/news/411874/UK-Profile---Michael-Jordan-Cork-Gully/ |title=Profile – Michael Jordan of Cork Gully |work=Management Today |date= 1 January 1993 |access-date=3 August 2012 |archive-date=28 May 2012 |url-status=live |archive-url=https://web.archive.org/web/20120528135713/http://www.managementtoday.co.uk/news/411874/UK-Profile---Michael-Jordan-Cork-Gully/ }}</ref> In 1990, in certain countries, including the UK, Coopers & Lybrand merged with [[Deloitte|Deloitte, Haskins & Sells]] to become Coopers & Lybrand Deloitte;<ref name=chronology/> in 1992 they reverted to Coopers & Lybrand.<ref>{{cite web|url=http://www.icaew.com/index.cfm/route/155667/icaew_ga/en/Home/About_us/History_of_accounting/Coopers__Lybrand |archive-url=https://archive.today/20121209133204/http://www.icaew.com/index.cfm/route/155667/icaew_ga/en/Home/About_us/History_of_accounting/Coopers__Lybrand |url-status=dead |archive-date=9 December 2012 |title=ICAEW family trees |publisher=Icaew.com }}</ref>

The firm relocated from George Street to modern offices designed by [[Dennis Lennon & Partners]] at Plumtree Court in 1985,<ref>{{cite web|url=https://www.ribapix.com/Coopers-Lybrand-offices-Plumtree-Court-City-of-London-the-fully-glazed-conference-and-meeting-room_RIBA159618|title= Coopers & Lybrand offices Plumtree Court, City of London|publisher=Royal Institute of British Architects| access-date=17 April 2025}}</ref> and then moved to new offices designed by [[Terry Farrell (architect)|Terry Farrell]] at Embankment Place in 1994.<ref>{{cite news|url=https://www.independent.co.uk/arts-entertainment/az-of-employers-coopers-and-lybrand-1150991.html|title=A-Z of employers; Coopers and Lybrand|date=19 March 1998|newspaper=The Independent|access-date=17 April 2025}}</ref>

===Price Waterhouse===
[[File:Edwin Waterhouse c1907.jpg|thumb|upright|Edwin Waterhouse {{circa|1907}}]]

In 1849, [[Samuel Lowell Price]], an accountant, founded an accountancy practice at No. 5 [[Gresham Street]] in London.<ref name="pwhistory">{{cite book |title=Accounting for Success: a History of Price Waterhouse in America 1890–1990 |publisher=Harvard Business School Press |isbn=978-0-87584-328-5 |url=https://archive.org/details/accountingforsuc00alle_0 |url-access=registration |year=1993}}</ref> In 1865, Price went into partnership with [[William Hopkins Holyland]] and [[Edwin Waterhouse]] at No. 13 Gresham Street.<ref name="pwhistory"/> Holyland left shortly afterwards to work alone in accountancy and the firm was known from 1874 as Price, Waterhouse & Co.<ref name="pwhistory"/> The firm was based at No. 3, Frederick's Place in [[Old Jewry]] in London from 1899.<ref>{{cite web|url=https://www.royalacademy.org.uk/art-artists/archive/richard-bucknill-price-waterhouse-and-amp-co-3-fredericks-place-old-jewry|title=Richard Bucknill, Price Waterhouse & Co., 3, Frederick's Place, Old Jewry, London, E.C.2, to A. R. Middleton Todd, 71 Campden Street, W. 8|publisher=Royal Academy |access-date=17 April 2025}}</ref> 

By the late 19th century, Price Waterhouse had gained recognition as an accounting firm. They opened an office in New York City in 1890, and the American firm expanded. The original British firm opened an office in [[Liverpool]] in 1904, and then elsewhere in the United Kingdom and worldwide, each time establishing a separate partnership in each country: the worldwide practice of Price Waterhouse was, therefore, a federation of collaborating firms that had grown organically, rather than the result of an international merger.<ref name="pwhistory" />

The firm relocated from Frederick's Place to modern offices at [[Southwark Towers]] in London Bridge Street in 1975.<ref>"Change of Address" (classified advertisement by Price Waterhouse & Co.), ''The Times'', 1975-12-01, p.22</ref> The original partnership agreement, signed by Price, Holyland, and Waterhouse could be found in the new offices there.<ref>{{cite web|url=https://www.britishmuseum.org/research/search_the_collection_database/term_details.aspx?bioId=164843|title=Price Waterhouse (Biographical details)|publisher=The British Museum|access-date=17 August 2013|archive-date=17 November 2018|archive-url=https://web.archive.org/web/20181117233809/https://www.britishmuseum.org/research/search_the_collection_database/term_details.aspx?bioId=164843|url-status=live}}</ref>

In a further effort to take advantage of [[economies of scale]], PW and [[Arthur Andersen]] discussed a merger in 1989<ref>{{cite web |url=http://faculty.washington.edu/krumme/companies/account.html |title=University of Washington: Accounting firms and organisations |publisher=Faculty.washington.edu |access-date=25 December 2007 |archive-date=15 November 2010 |archive-url=https://web.archive.org/web/20101115035321/http://faculty.washington.edu/krumme/companies/account.html |url-status=live }}</ref> but the negotiations failed, mainly because of conflicts of interest such as Andersen's strong commercial links with [[IBM]] and PW's audit of IBM, as well as the two firms' radically different cultures. It was said by those involved with the failed merger that at the end of the discussion, the partners at the table realized they had different views of business, and the potential merger was scrapped.<ref>{{cite news|url=https://www.latimes.com/archives/la-xpm-1989-09-26-fi-365-story.html|title=Accounting Giants Call Off Merger Plan : Price Waterhouse, Arthur Andersen Cite 'Differences'|newspaper=Los Angeles Times|date=26 September 1989|access-date=17 August 2013|archive-date=5 March 2016|archive-url=https://web.archive.org/web/20160305213903/http://articles.latimes.com/1989-09-26/business/fi-365_1_price-waterhouse|url-status=live}}</ref>

===1998 to present===
In 1998, Price Waterhouse and Coopers & Lybrand merged to form PricewaterhouseCoopers (written with a lowercase "w" and a [[camel case]] "C").<ref>[https://web.archive.org/web/20060625115425/http://www.findarticles.com/p/articles/mi_qa3755/is_199709/ai_n8768518 Price Waterhouse and Coopers & Lybrand to merge] Weekly Corporate Growth Report 29 September 1997</ref> At that time, MCS was the largest and fastest growing division.<ref>{{cite web |title=PricewaterhouseCoopers |url=https://tobaccotactics.org/wiki/pricewaterhousecoopers/ |publisher=Tobacco Tactics, University of Bath |access-date=28 March 2023 |archive-date=8 February 2023 |archive-url=https://web.archive.org/web/20230208041510/https://tobaccotactics.org/wiki/pricewaterhousecoopers/ |url-status=live }}</ref>

The fallout from the [[Enron]], [[Worldcom]] and other [[Enron scandal|financial auditing scandals]] led to the demise of [[Andersen Worldwide|Arthur Andersen]], reducing the count of the Big Five accounting firms down to the [[Big Four accounting firms|Big Four]] and spurring passage of the 2002 [[Sarbanes–Oxley Act]] (SOX). Among other restrictions, SOX severely limited the overlap between management consulting and auditing services. PwC Consulting continued to split itself off, conducting business under its name and branding rather than as the MCS division of PwC. Around July 2000, PwC began to prepare for either an acquisition or IPO by developing separate financial records that would be required for due diligence. PwC leadership began to seek buyers, with an initial interest by [[Hewlett-Packard]] for a reported $17 billion, but negotiations broke down in 2000.<ref>[http://news.bbc.co.uk/1/hi/business/1021544.stm Hewlett-Packard drops PWC bid] {{Webarchive|url=https://web.archive.org/web/20090111164255/http://news.bbc.co.uk/1/hi/business/1021544.stm |date=11 January 2009 }} BBC News, 13 November 2000</ref> Almost a year after the collapse of Arthur Andersen in 2001, Arthur Andersen, LLP affiliates in Hong Kong and mainland China completed talks to join PricewaterhouseCoopers, China.<ref>[https://web.archive.org/web/20110726114903/http://www.muzi.com/cc/english/10318%2C19931.shtml?q=1201761 Andersen Affiliates in China to Join Rival] Singapore News, 21 March 2002</ref>

In 2000, PwC acquired Canada's largest [[SAP SE|SAP]] consulting partner, Omnilogic Systems, to expand its developing consulting presence in Canada.<ref>{{cite news|url=http://www.therecord.com/news/business/article/637077--passion-for-business-takes-entrepreneur-from-software-to-cars-to-music|archive-url=https://web.archive.org/web/20120111191843/http://www.therecord.com/news/business/article/637077--passion-for-business-takes-entrepreneur-from-software-to-cars-to-music |title=Passion for business takes entrepreneur from software to cars to music|first=Rose |last=Simone |work=[[Waterloo Region Record|The Record]]|date=10 December 2011 | archive-date=11 January 2012}}</ref> PwC announced in May 2002 that PwC Consulting would be spun off as an independent entity and filed with the SEC for an initial $1B IPO to trade in August.<ref>{{cite news |last1=Perez |first1=Juan Carlos |title=PwC Consulting IPO set for August |url=https://www.computerworld.com/article/2575947/pwc-consulting-ipo-set-for-august.html |access-date=28 March 2023 |work=Computerworld |date=3 May 2002}}</ref> Because PwC accounting partners owned 60% of PwC Consulting, an IPO or acquisition was seen as the only way to split the two firms without decimating the consulting arm's working capital.<ref>{{cite news |title=PwC Consulting Set To Spin |url=https://www.forbes.com/sites/forbesdigitalcovers/2018/07/30/the-backsies-billionaire-texan-builds-second-fortune-from-wreckage-of-real-estate-empire-hed-sold/?sh=6aa07b8a3a72 |access-date=28 March 2023 |work=Forbes |date=2 May 2002 |archive-date=28 March 2023 |archive-url=https://web.archive.org/web/20230328020655/https://www.forbes.com/sites/forbesdigitalcovers/2018/07/30/the-backsies-billionaire-texan-builds-second-fortune-from-wreckage-of-real-estate-empire-hed-sold/?sh=6aa07b8a3a72 |url-status=live }}</ref>

PwC Consulting leadership continued to fluff financials by expanding across-the-board pay cuts, terminating its variable compensation program, and furthering deep layoffs, all rare actions in the industry. In June 2002, PwC Consulting hired [[Continental Airlines]]' Greg Brennerman as CEO to run the global division.<ref>{{cite news |last1=Adams |first1=Richard |title=Every day is Monday for PwC |url=https://www.theguardian.com/media/2002/jun/10/marketingandpr.business |access-date=28 March 2023 |work=The Guardian |date=10 June 2002}}</ref> A week later, it was announced that an outside consultancy, [[Wolff Olins]], had created new branding for the consulting group, called "Monday".<ref>{{cite news|url=http://news.bbc.co.uk/1/hi/business/2035803.stm|title=Monday name change for PwC|date=10 June 2002|publisher=BBC|access-date=14 December 2014|archive-date=1 March 2009|archive-url=https://web.archive.org/web/20090301223523/http://news.bbc.co.uk/1/hi/business/2035803.stm|url-status=live}}</ref> The firm's CEO, [[Greg Brenneman]] described the unusual name as "a real word, concise, recognizable, global and the right fit for a company that works hard to deliver results."<ref>[http://news.bbc.co.uk/1/hi/business/2035803.stm Monday name change for PwC] {{Webarchive|url=https://web.archive.org/web/20090301223523/http://news.bbc.co.uk/1/hi/business/2035803.stm |date=1 March 2009 }}, ''BBC News'', 10 June 2002.</ref> In July 2002, it was rumored that PwC was in talks with an unknown public company, as no PR space or announcement for the impending IPO had been set. Those rumors were confirmed in August 2002, when PwC announced it sold Monday to [[International Business Machines|IBM]] for approximately $3.5 billion in cash and stock. Monday was consolidated into [[IBM Global Business Services]] while partners became employees for the first time. The acquisition had a modest increase in the size and capabilities of IBM's growing consulting practice, as IBM had 150,000 employees at the time. At the same time, Monday carried just 30,000 at the time.<ref>[http://blogs.guardian.co.uk/technology/archives/2002/07/31/ibm_buying_price_waterhouse_coopers_consulting_business.html IBM buying PricewaterhouseCoopers' consulting business] {{Webarchive|url=https://web.archive.org/web/20071227185207/http://blogs.guardian.co.uk/technology/archives/2002/07/31/ibm_buying_price_waterhouse_coopers_consulting_business.html |date=27 December 2007 }} Technology, 31 July 2002</ref> However, it was seen as a win by IBM since PwC Consulting/Monday's valuation had suffered after the post-9/11 recession.<ref>{{cite news |last1=Shankland |first1=Steve |title=IBM Grabs PWC for $3.5 Billion |url=https://www.zdnet.com/article/ibm-grabs-pwc-for-3-5-billion/ |access-date=28 March 2023 |work=ZDNet.com |date=30 July 2002}}</ref>

PwC began rebuilding its consulting practice with acquisitions such as Paragon Consulting Group and the commercial services business of [[BearingPoint]] in 2009.<ref>[https://web.archive.org/web/20131101163422/http://m.foxbusiness.com/quickPage.html?page=19453&content=56887164&pageNum=-1 In close race for No 1, Deloitte, PwC grow apace] Fox Business, 30 October 2013</ref> The firm continued this process by acquiring [[Diamond Management & Technology Consultants]] in November 2010,<ref>[https://www.wsj.com/articles/SB10001424052748703447004575449112496777890 PricewaterhouseCoopers to Buy Consulting Firm Diamond Management] {{Webarchive|url=https://web.archive.org/web/20181111000349/https://www.wsj.com/articles/SB10001424052748703447004575449112496777890 |date=11 November 2018 }} Wall Street Journal, 24 August 2010</ref> and [[PRTM]] in August 2011.<ref>[https://web.archive.org/web/20230413040412/https://www.internationalaccountingbulletin.com/uncategorized/newspwc-acquires-global-consulting-firm-prtm/ PwC acquires global consulting firm PRTM], ''International Accounting Bulletin'', 23 August 2011, archived 13 April 2023, accessed 17 August 2023</ref> In 2012, the firm acquired Logan Tod & Co, a digital analytics and optimisation consultancy,<ref>{{cite web|url=http://news.top-consultant.com/US/PwC-acquires-digital-analytics-consultancy-8541.html|title=PwC acquires digital analytics consultancy|publisher=Top Consultant|date=15 March 2012|access-date=26 October 2014|archive-date=26 October 2014|archive-url=https://web.archive.org/web/20141026194627/http://news.top-consultant.com/US/PwC-acquires-digital-analytics-consultancy-8541.html|url-status=dead}}</ref> and Ant's Eye View, a social media strategy development and [[consulting firm]] to build upon PwC's growing Management Consulting customer impact and [[customer engagement]] capabilities.<ref>[http://www.accountingtoday.com/news/pwc-buys-social-media-strategy-firm-ants-eye-view-64056-1.html PwC Buys Social Media Consulting Firm] {{Webarchive|url=https://web.archive.org/web/20131103103105/http://www.accountingtoday.com/news/pwc-buys-social-media-strategy-firm-ants-eye-view-64056-1.html |date=3 November 2013 }} Accounting Today, 24 September 2012</ref>

In April 2014,<ref>{{Cite news|url=http://www.vault.com/company-profiles/management-strategy/pricewaterhousecoopers-llp-(consulting-practice)/company-overview.aspx|title=PricewaterhouseCoopers Advisory Services LLC (PwC Advisory Services){{!}}Company Profile{{!}}Vault.com|work=Vault|access-date=3 May 2017|archive-date=18 September 2018|archive-url=https://web.archive.org/web/20180918194145/http://www.vault.com/company-profiles/management-strategy/pricewaterhousecoopers-llp-(consulting-practice)/company-overview.aspx|url-status=live}}</ref> [[Booz & Company]] combined with PwC to form [[Strategy&]].<ref name="PwC to bulk up with planned Booz & Company">{{cite web|url=http://www.ft.com/intl/cms/s/0/2e574b0a-4159-11e3-9073-00144feabdc0.html#axzz2jDZATogV|archive-url=https://ghostarchive.org/archive/20221210221206/https://www.ft.com/content/2e574b0a-4159-11e3-9073-00144feabdc0#axzz2jDZATogV|archive-date=10 December 2022|url-access=subscription|title=PwC to bulk up with planned Booz & Company|date=30 October 2013|publisher=ft.com|access-date=30 October 2013|url-status=live}}</ref><ref>{{Cite news|url=https://qz.com/195076/why-pwc-just-changed-the-name-of-its-100-year-old-consulting-acquisition-to-strategy/|title=Why PwC just changed the name of its 100-year-old consulting acquisition|last=Nisen|first=Max|work=Quartz|access-date=3 May 2017|language=en-US|archive-date=16 November 2018|archive-url=https://web.archive.org/web/20181116130825/https://qz.com/195076/why-pwc-just-changed-the-name-of-its-100-year-old-consulting-acquisition-to-strategy/|url-status=live}}</ref> In 2013, PwC acquired [[BGC Partners|BGT Partners]].<ref>[http://www.bizjournals.com/southflorida/news/2013/09/24/exclusive-pwc-strikes-deal-to-buy-bgt.html?page=all WC strikes deal to buy BGT Partners] {{Webarchive|url=https://web.archive.org/web/20170620155941/http://www.bizjournals.com/southflorida/news/2013/09/24/exclusive-pwc-strikes-deal-to-buy-bgt.html?page=all |date=20 June 2017 }} South Florida Business Journal, 4 November 2013</ref> In 2016, PwC acquired technology/consulting firm NSI DMCC.<ref>{{cite web|url=http://www.tradearabia.com/news/IT_317305.html|title=PwC buys Dubai-based technology firm|website=www.tradearabia.com|access-date=6 June 2017|archive-date=3 October 2018|archive-url=https://web.archive.org/web/20181003212924/http://www.tradearabia.com/news/IT_317305.html|url-status=live}}</ref> In January 2017, PwC announced a five-year agreement with [[General Electric|GE]] to provide managed tax services to GE on a global basis, transferring more than 600 of GE's in-house global tax team to PwC.<ref>{{Cite news|url=https://www.taxprotoday.com/news/pwc-to-hire-ge-tax-team?tag=00000150-f370-d7b7-a5f2-fbfc94c30001|title=PwC hiring GE tax team|work=Tax Pro Today|access-date=3 May 2017|language=en|archive-date=16 November 2018|archive-url=https://web.archive.org/web/20181116025152/https://www.taxprotoday.com/news/pwc-to-hire-ge-tax-team?tag=00000150-f370-d7b7-a5f2-fbfc94c30001|url-status=live}}</ref> In November 2017, PwC accepted [[bitcoin]] as payment for advisory services, the first time the company, or any of the Big Four accounting firms, accepted virtual currency as payment.<ref>{{Cite news|url=https://www.wsj.com/articles/pricewaterhousecoopers-accepts-fee-in-bitcoin-1512036992|title=Bitcoin Goes to the Big Four: PwC Accepts First Digital-Currency Payment|last=Russolillo|first=Steven|date=30 November 2017|work=[[The Wall Street Journal]]|access-date=12 December 2017|language=en-US|issn=0099-9660|archive-date=9 April 2019|archive-url=https://web.archive.org/web/20190409154916/https://www.wsj.com/articles/pricewaterhousecoopers-accepts-fee-in-bitcoin-1512036992|url-status=live}}</ref> [[Veritas Capital]] acquired PwC's US public sector business in 2018, and branded the new company as [[Guidehouse]].<ref>{{cite news |last1=Wilkers |first1=Ross |title=PwC public sector arm rebrands to 'Guidehouse' |url=https://washingtontechnology.com/articles/2018/07/20/new-name-pwc-guidehouse.aspx |access-date=17 December 2019 |work=Washington Technology |date=20 July 2018}}</ref><ref>{{cite news |last1=Terry |first1=Robert J. |title=PwC's Veritas-owned U.S. public sector business now has a name |url=https://www.bizjournals.com/washington/news/2018/07/23/pwc-s-veritas-owned-u-s-public-sector-business-now.html |access-date=17 December 2019 |work=Washington Business Journal |date=23 July 2018}}</ref> The Academy of Motion Picture Arts and Sciences (AMPAS) has utilized the services of PwC to tally the votes for the Academy Awards since 1935.<ref>{{Cite news|last=McKenna|first=Francine|title=PwC Ensures Oscar® Ballot Integrity In 'Partnership' With Everyone Counts, Inc.|work=Forbes|url=https://www.forbes.com/sites/francinemckenna/2013/01/11/pwc-ensures-oscar-ballot-integrity-in-partnership-with-everyone-counts-llc/#d8701eb26243|access-date=9 May 2017|archive-date=7 August 2018|archive-url=https://web.archive.org/web/20180807095122/https://www.forbes.com/sites/francinemckenna/2013/01/11/pwc-ensures-oscar-ballot-integrity-in-partnership-with-everyone-counts-llc/#d8701eb26243|url-status=live}}</ref> In addition, the company oversees AMPAS elections, prepares its financial documents, and is responsible for the group's tax filings.<ref>{{Cite news|last=Maddaus|first=Brent Lang, James Rainey, Gene|date=2 March 2017|title=Oscars: PwC Has Deeper Relationship With Academy Than Just Awards Show|language=en-US|work=Variety|url=https://variety.com/2017/film/awards/oscars-2017-pwc-academy-1202000212/|access-date=9 May 2017|archive-date=7 July 2018|archive-url=https://web.archive.org/web/20180707172857/https://variety.com/2017/film/awards/oscars-2017-pwc-academy-1202000212/|url-status=live}}</ref> In 2023, PwC acquired Surfaceink, a hardware designer.<ref>{{Cite web |last= |first= |date=2023-12-11 |title=PwC is acquiring Surfaceink, the hardware designer that was once a close partner of Apple's |url=https://techcrunch.com/2023/12/11/pwc-is-acquiring-surfaceink-the-hardware-designer-that-was-once-a-close-partner-of-apples/ |access-date=2023-12-11 |website=TechCrunch |language=en-US}}</ref>

In May 2024, PwC became [[ChatGPT]] Enterprise's biggest customer and will also start reselling [[OpenAI|OpenAI's]] service for other large businesses.<ref>{{cite news |last=Lin |first=Bette |url=https://www.wsj.com/articles/pwc-set-to-become-openais-largest-chatgpt-enterprise-customer-2eea1070 |title=PwC Set to Become OpenAI's Largest ChatGPT Enterprise Customer |work=[[The Wall Street Journal]] |date=2024-05-29 |accessdate=2024-05-29 }}</ref>