The FDIC reached a $335 million settlement with PricewaterhouseCoopers related to professional negligence claims brought by the FDIC against accounting firm arising out of the audits of the failed Colonial Bank.
PricewaterhouseCoopers selected Timothy F. Ryan as its new U.S. chairman for a four-year term beginning on July 1, 2016, succeeding Bob Moritz, who is becoming global chairman.
According to PwC’s Canadian Banks 2016 report: Embracing the FinTech Movement, Canadian banks are focused on responding to the threats and opportunities posed by new companies building financial technology (fintech) solutions.
The Conference Board and PwC’s Measure of CEO Confidence, which had improved in the first half of the year, declined to 48 in the Q3/15, down from 58 in Q2/15. A reading of more than 50 points reflects more positive than negative responses.
PwC boosted its Corporate Finance team with the appointment of two new equity partners: Jon Shelley and Charles Johnson-Ferguson. In addition to the two partners, the firm also appointed four new directors.
PwC US announced Rosensweig joined the firm as a principal in the Risk Assurance practice to support its growing Advanced Risk & Compliance Analytics (ARCA) service line.
According to Accounting Today, Rick D’Avino has joined PwC as a managing director with the U.S. tax practice. D’Avino was most recently senior tax counsel with GE and served on the board of directors of GE Capital.
According a recent PwC US Risk in Review report, traditional risk management systems have not evolved fast enough to monitor, track and manage today’s intensified risk climate.
Bob’s Discount Furniture announced the signing of a definitive agreement to sell a majority stake in the company to Bain Capital, a global private investment firm. Financing is being provided by RBC and UBS.
The fundamentals for strong M&A activity remain in place despite a slowdown in U.S. M&A activity in the H1/13, according to PwC’s U.S. mid-year M&A outlook. The report noted that dealmakers are placing a premium on deal certainty, speed and agility to ensure successful deal outcomes.