Biden Raising Taxes on “The Rich”

U.S. President Biden is looking to raise the capital gains tax rates in the United States targeting the wealthy. This will increase business for the big 4 as “rich people” will look to offshore their investment activities. They will need smart accountants to do that.

The big 4 accounting firms have done this their entire existence.

I think Biden is just trying to prevent the Gamestop saga from occurring again as this caught a lot of hedge funds off guard.

Deloitte Australia has named a new CEO

The new CEO is Adam Powick

This news comes out of the australian financial review which is a great source of news for big 4 info.

As you might remember Deloitte let about 700 people go about a year ago. This represented about 7% of their workforce in Australia. They also faced an exodus of employees and then immediately went on a hiring spree. They had openings of more than 2200.

This CEO faces morale issues within Deloitte Australia right from the start. He was formerly the head of Asia Pacific consulting for Deloitte.

KPMG pays bonuses in Australia

KPMG staff are getting a one time thank you bonus equal to 4 percent of their annual salary.

We’ve previously heard about these bonuses occurring at KPMG US and at PwC us from Tim Ryan.

PwC said that they were giving staff salary increases and $250 to take more vacation.

Sexual Harassment in Australia

Deloitte released some numbers regarding their employee complaints. They amount to 1 ever 650 employees. They disclosed this number because KPMG numbers were released. KPMG had about 100 complaints over a 5 year period.

Now there is going to be pressure on EY and PwC in Australia. I’m sure this transparency will soon be required around the world.

We recently discussed issues with KPMG and gender discrimination in the United States where KPMG had to make settlement payments to women that were underpaid in New York.

PwC announced a new acceleration center in Hyderabad

PwC has outsourcing locations in India that are called acceleration centers. They announced the opening of a new location in Hyderabad india.