Samil PricewaterhouseCoopers (PwC) plans to divide its deals division not only by industry but by deal type as part of an effort to revamp its organizational structure.
The firm will complete a management overhaul and share details on planned changes in the organizational structure with its employees as early as this week, sources said on June 15. The final plan will be voted on during a partners’ meeting on June 25.
The restructuring is focused on streamlining the firm’s deals business against the backdrop of accounting firms’ increasing presence in a deal advisory market traditionally dominated by investment banks.
Samil PwC will create two parallel groups within its deals division. One will be divided into five or six teams by industry and the other by deal types such as restructuring deals and private mergers and acquisitions, according to sources. After the changes each member of the division will belong to both groups to provide more specialized services to the firm’s corporate clients.
Each team in the group divided by industry will be led by a senior partner who has a title equivalent to managing director, while the heads of the teams in the other group may be chosen among those with a lower title, sources said.
The changes are said to aim for a more horizontal culture to improve employees’ work performance and efficiency. The deals division currently houses three departments of corporate finance, transaction services and financial advisory with their various sub-units in a vertical structure.
The restructuring came after the firm’s former head of assurance division, Yoon Hoon-soo, was appointed new chief executive of Samil PwC in April. The firm is also considering making changes to its assurance and tax divisions. (Reporting by Ar-rum Rho)