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Sunday 24 September 2017

Bust is a boom for PwC as accountancy firm hires 300

Siobhan Creaton

THE country's biggest accountancy group PwC is to recruit up to 300 people as the firm continues to thrive despite -- or even because of -- the harsh economic conditions.

The recruitment drive includes seeking around 40 professionally qualified accountants for niche, high end, finance jobs advising the likes of bad bank NAMA and the government-controlled banks.

PwC is looking to fill the jobs straight away and typical salaries are understood to be in the region of €80,000 to €100,000.

In addition, PwC says it is boosting its annual intake of graduates and will hire more than 250 college leavers, with recruitment to start in October.

Senior partner Ronan Murphy said the recruitment drive reflected its clients' needs and the demand for the firm's services.

The list of clients increasingly includes state agencies like NAMA and the financial regulator where PwC is among the outside agencies picking up work in everything from advising on strategy to receivership appointments.

PwC has been amongst a group of accountancy firms, lawyers and investment bankers that are all profiting from a fees bonanza picking up work from the Government on the ongoing bank restructuring programmes and with the bust banks as advisors.

Last week the Comptroller & Auditor General's report disclosed that the Government had paid €73m so far to these firms for advice on how to tackle the banking crisis.

PwC shared some of the €15.6m paid out by the Central Bank on accountancy services for their role in assisting in carrying out the stress tests on the banks before the government injected money into them to keep them afloat.

Investment banks Goldman Sachs, Merrill Lynch and Rothschild shared more than €35m for their advice on the 2008 bank guarantee and the bank restructuring. Three big Dublin law firms, Arthur Cox, A&L Goodbody and Matheson Ormsby Prentice got €22.5m between them, with Arthur Cox earning almost €13m of that in fees from the Department of Finance alone.

Fees

PwC and other professional firms have also picked up huge fees for work carried out at Ireland's defunct banks, including AIB and Bank of Ireland. Consultants, advisers and lawyers are set to share more than €250m from this work. The big accountancy group is also being kept busy acting as receivers and liquidators to businesses that are failing, including some of the big property companies that NAMA has decided are not viable.

The new graduates are being hired to work in areas such as tax, asset management and banking and insurance while qualified accountants are being taken on to work in audit, consulting, restructuring and insolvency and corporate finance. Most of the jobs will be based in Dublin while some will also be created at its offices at Cork, Limerick, Galway, Kilkenny, Waterford and Wexford. PwC currently employs 2500 people in Ireland.

Irish Independent

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