4 Major Consulting Firms Cut Ties With Russia, Belarus

Share post:

Four major consulting firms including Deloitte, EY, KPMG, and PwC have announced plans to stop operation in Russia and Belarus.

The move is in sharp criticism of Russia’s invasion of Ukraine. The action from the consultancy firms will have a major impact on Russia and Belarus. In the region, KPMG has over 4,500 employees, Deloitte has 3,000 employees, EY has 4,700 employees and PwC has 3,700 employees.

KPMG, PwC, and EY are global networks of individual firms that are separate legal entities. The structure is built in this manner in a bid to comply with the law stipulating that audit firms must be locally owned and independent.

Since the companies are locally owned, operations in the region won’t completely close down for the employees.

Instead, it means the consultancy firms will be legally separated from the corporate structures of their respective firms. This will then create separate entities in Russia and Belarus.

While moving away from the region, PwC disclosed that its main focus going forward will be “to help our Ukrainian colleagues and support the humanitarian efforts to aid the people of Ukraine.”

For more information, read the original story in ZDNet.


Related articles

Apple faces backlash over recent ads

Apple is currently facing significant public backlash due to a controversial advertisement featuring a hydraulic press crushing various...

 Google executives face employee concerns amid profitsurge

At a recent all-hands meeting, Google employees voiced significant concerns regarding morale, cost-cutting measures, and the impact of...

Spotify CEO confesses to “rough times after layoffs” – stock price rises

In December, Spotify CEO Daniel Ek announced the largest round of layoffs in the company's history, cutting 1,500...

Zuckerberg shares his vision with investors and Meta stock tanks

In an era where instant gratification is often the norm, Meta CEO Mark Zuckerberg’s strategic pivot towards long-term,...

Become a member

New, Relevant Tech Stories. Our article selection is done by industry professionals. Our writers summarize them to give you the key takeaways