Major Accounting Firm To Expand In CT, Add 400 Jobs: Gov. Malloy

STAMFORD, CT — Major accounting firm PricewaterhouseCoopers LLP (PwC) plans to spend $20 million over the next several years to locate its Insourced Solutions for Tax (IST) division in Stamford, a move that will add 400 new jobs in Connecticut during the period, announced Gov. Dannel P. Malloy Thursday.

PwC is one of the largest professional services networks in the world, with a global network of 41,000 tax professionals operating in 157 countries, and the largest tax practice in the United States. The company already has offices at 300 Atlantic St. in Stamford and will expand in that building, according to officials.

"PwC’s commitment to expand jobs in Connecticut reinforces the fact that our strategic location, quality of life, and access to a highly educated workforce makes Connecticut a tremendous place to do business," said Malloy in a statement. "This is one of the largest professional services firms in the world, and we are thrilled that they have decided to establish this new strategic headquarters in Connecticut. We look forward to having them as part of our business community and seeing the company continue to grow its presence in our state."

To help with the expansion, Connecticut's Department of Economic and Community Development (DECD) is kicking in several million dollars in grants for training and other expenses related to the move.

The IST division is a "globally and functionally integrated team of PwC tax professionals with the knowledge and experience to offer clients an in-house feel with customized solutions, including the efficiency and cost savings of a combined fixed and variable cost model that an accounting firm shared-resource platform can provide," according to officials.

Added Rick D’Avino, Chairman of IST for PwC, "PwC’s Insourced Solutions for Tax team is part of our journey towards developing a tax function that has an even greater ability to turn global uncertainty and regulatory change into new opportunities that deliver on a business’ strategy. We’re proud to establish its headquarters in Connecticut, and look forward to delivering new value for our people and clients as a result."

From Gov. Malloy's release:

As part of the company’s commitment to establish the headquarters in Connecticut and grow hundreds of new jobs in the state, the Connecticut Department of Economic and Community Development (DECD) will provide up to $9 million in grants for training, equipment, and leasehold improvements at PwC’s Stamford location at 300 Atlantic Street. The grants will be released in segments as certain job creation milestones are met over a five-year period.

“We’re thrilled that PwC made the strategic business decision to invest and grow in our state,” DECD Commissioner Catherine Smith said. “The fact that the company located this new unit in Connecticut speaks volumes about our overall attractiveness as a state and will provide lasting benefits to our economy.”

PwC was formed in 1998 through a merger between Price Waterhouse and Coopers & Lybrand, two companies with roots that date back to the mid-1800s in London. Now known as PwC, the company focuses on assurance, tax, and advisory services. PwC US has offices in Stamford and Hartford.

In January 2017, PwC reached an agreement with General Electric (GE) to provide integrated, enterprise managed tax services, hire over 600 of GE’s tax team members globally, and acquire GE’s tax technologies. As a result, PwC created its IST team in Connecticut, which consists of 100 of GE’s former tax team as well as hundreds of new employees.

Image via Shutterstock

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