PwC faces mass exits after involvement in Satyam's fraud
Thursday, 04 February 2010, 15:28 IST   |    27 Comments
Printer Print Email Email
PwC faces mass exits after involvement in Satyam's fraud
Mumbai: It seems to be one of the largest mass exits of the employees from any company, as around 200 employees of PricewaterhouseCoopers (PwC) have left the company in last two months. The company continues to grapple with the collateral damage arising out of its alleged involvement in the fraud at Satyam Computer Services last year. Employees, who left PwC, have joined rival firms such as KPMG, Ernst & Young and Deloitte. The exits are across all hierarchies in the professional services firm and, according to people connected with the development, it all started after investigating authorities probing the Satyam fraud filed a supplementary chargesheet that named two Price Waterhouse's partners for their alleged involvement. Talking to Economic Times, PwC spokesperson said that people were leaving the firm, but declined to give the specific number of employees who had put in their papers. Currently, PwC has around 6,500 employees in India. It is an employer and a service provider of choice. The company has been trying to stem further exits by offering attractive bonuses to discourage people from leaving. Retention bonuses and larger professional roles are some of the measures that the firm is trying out. It is being seen that exits were more among junior employees. PwC global chairman Dennis Nally also admitted that Satyam fraud has had an adverse impact on the PwC brand in India and that the firm would do everything to correct that image. Price Waterhouse, the audit arm of PwC, is being probed as it was the statutory audit firm for Satyam. PwC partners S Gopalakrishnan and Srinivas Talluri have been in judicial custody since former Satyam chairman B Ramalinga Raju, in January 2009, admitted to falsifying his company's accounts.

siliconindia