PricewaterhouseCoopers LLP, one of the world’s largest professional services firms, is planning to add up to 400 jobs in the state during the next five years and create a divisional headquarters in Stamford, Governor Dannel P. Malloy announced Thursday.
A company investment of $20 million and up to $9 million in state grants would support the launch of PwC’s Insourced Solutions for Tax division headquarters in the company’s existing Stamford center, in the downtown office block at 300 Atlantic St. The state funds would be released in blocks, based on the company hitting certain job-creation targets in the next five years.
“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,” Malloy said 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.”
The expansion marks the latest phase of PwC’s growth plan in Connecticut. In January 2017, the firm reached an agreement with GE to provide tax services, hire more than 600 of GE’s tax professionals and acquire GE’s tax technologies.
As a result, PwC set up its Insourced Solutions for Tax team in Connecticut, a contingent that comprises 100 of GE’s former tax team and hundreds of new employees.
“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,” Rick D’Avino, chairman of IST for PwC, said in a statement. “We’re proud to establish its headquarters in Connecticut, and look forward to delivering new value for our people and clients as a result.”
PwC maintains the largest tax practice in the United States and the world, with a global network of 41,000 tax professionals operating in 157 countries, according to state officials.
“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 mid-1800s origins in London. Now known as PwC, the company focuses on assurance, tax, and advisory services. PwC US has offices in Stamford and Hartford.