Samil PricewaterhouseCoopers (Samil PwC), one of the Big Four accounting and consulting firms in South Korea, is moving to streamline its business structure through a major organizational shakeup of a deals division.
The company will eliminate the three deals departments and their sub-units entirely and create six or seven new teams on a par with each other, sources said on Wednesday (June 10). Responsible for merger and acquisition advisory (M&A) services, the deals division currently houses corporate finance, transaction services and financial advisory, with their various sub-units.
Sources said the aim was to simplify the business structure and make Samil PwC more client-focused and efficient. It also wants to provide corporate clients with one-stop services for M&A transactions.
The move comes after Yoon Hoon-soo was appointed chief executive of Samil PwC in April. He had been leader of the company’s assurance division. Bae Hwa-joo, leader of the deals division, stepped down during the management overhaul and was replaced by Yoo Sang-Soo, who formerly led the corporate finance department.
Samil PwC is also considering making changes to its assurance and tax divisions. The restructuring is subject to approval by the firm’s partners, who will gather for a general meeting on June 25. (Reporting by Ar-rum Rho)