A turnover of 490 million and revenues of 432.3 million, up 5.8%, PwC did better than expected for the fiscal year 2021, spanning from July 2020 to June 2021.

(photo PwC)

John Parkhouse, CEO of PwC Luxembourg commented on the performance: “At PwC, we entered our financial year at an uncertain point in time, where we were anticipating a contraction of our business. […] I am immensely proud of what my partners and our people have achieved. Financially, we have secured excellent growth across our businesses - landing at a remarkable 5.8 % growth in our top-line. At the same time, we have continued to drive our change agenda at pace and scale within the technology space, with record levels of investment both in terms of our client solutions and our in-house transformation.  Despite the real challenges we faced, we made it clear from the start that there would be no job losses anywhere arising from COVID-19. Our focus was to make it clear that we were all in this together and that together we would face the challenge and come through stronger.”


“On the people side,” commented John Parkhouse, CEO of PwC Luxembourg, “We are working towards changing a dynamic that is all too familiar in professional services firms - that of accepting that there will be points in time where we need our people to work very long hours over an extended period of time. With this in mind, we have increased our targeted recruitment for the coming year by nearly 70% with a target of approximately 910 new joiners at all levels - significantly in excess of our growth predictions for the coming year. We are optimistic for the year to come. Our people and our ability to source talent will remain our top priority as we all struggle in an incredibly tight labour market and are forced to look further and further afield for the talent we need.”


In the continuation of our CSR strategy and increased sustainability articulation, we created in April 2021 a new steering committee “Sustain@PwC”, run under the direct leadership of our CEO John Parkhouse and supported by our Corporate Responsibility leader, Valérie Arnold. Our committee is built on the four Pillars of the WEF-IBC framework, and is composed of four leaders, with each leader running one of the four Pillars: Principles of Governance; Prosperity; People and Planet.

The committee’s mission is to select, among the 21 core metrics proposed in the WEF-IBC  framework, the priorities which are most relevant for PwC Luxembourg and our stakeholders in the years to come and to  drive positive change in these areas for the benefit of our staff, our clients, our society and our planet.

Prosperity - Business Review

Core to PwC Luxembourg’s contribution to society is the value brought to our clients, the opportunities brought to our people,  and the results of our business. These  are the best indicators for this.

The fiscal year 2021, spanning from July 2020 to June 2021, has been in all dimensions a very abnormal year. PwC, like the whole business community, has settled into remote working and virtual business conduct for the largest part of its activity.

According to PwC Luxembourg Annual Review, the fiscal year 2021 was marked by four major business trends materialising throughout the year:

     –Significant acceleration of digital transformation

We are witnessing “the advent of new key success factors for every business: value creation through digital experience”. The Covid crisis “acts as a booster to the focus that many clients already had on technology-driven transformation projects”.

     –Market evolution towards ‘Alternatives’

“The rise of the so-called private markets has been marking the financial center for many years. Now we observe the start of a ‘next level’ state in this evolution”, explains the report. “All major assets managers, traditionally focused in UCITS funds, as well as all major wealth managers, propose private market solution to their investors. This is coupled with public-private partnership initiatives to fund major infrastructure investments such as the ‘energy shift towards renewables’. Alternatives has been a major growth area and will remain the driver for the asset management, asset servicing and corporate banking in Luxembourg. The capital to “repair the world” is available in the private markets, the governments’ role will be to create positive ROI conditions for the deployment of that capital, notably through giving long-term investment visibility as in the case of the shift to electrical energy source.”

     –Business relevance of ESG (‘double materiality’)

“The political, societal and regulatory shift towards a recognition of ESG risks and ESG indicators has been put into practice over the last 12 months. 2022 will be a major year of implementation with the EU Taxonomy and related changes not only impacting our clients, but also PwC as a corporate and professional services provider”, notices PwC.

     –Transformation and role of the public sector

“The public sector will be key to accompany and set the frame for the future evolution of our society, in partnership and trustful collaboration with the private sector. This entails that the role of the public sector is likely to be enhanced, but it also involves significant transformation and upskilling requirements. Otherwise, it will be difficult to meet the citizens’ expectations and (re)build the trust in our public institutions which underpins our liberal democracies”, according to the member of the Big Four.


To best care for clients with different needs, PwC teams are organised around five major industries: Alternatives, Asset and  Wealth Management (AWM), Banking, Industry & Public Sector (IPS) and Insurance.

Alternatives: +18.5%  (%turnover = 38.7%)

Asset and Wealth Management: -0.8%  (%turnover = 24.0%)

Banking and Capital Markets: +9.1%  (%turnover = 9.1%)

Insurance: +29.7%  (%turnover = 3.7%)

Industry and Public Sector: -9.8% (%turnover Industry & Services = 14.9% / % turnover Public Sector = 6.7%

Lines of business


Quote: “ Our Advisory practice had a successful year, reporting a 9% growth in its core business and a 4.4% growth overall. In the current context, such performance demonstrates the high level of trust our clients have in our ability, reflecting the quality, relevance and impact of the advice that we provide.” François Génaux, Advisory Leader, PwC Luxembourg.


Quote: “2021 was another successful year for our Assurance practice with a growth of 9.8% with the continued expansion of the Alternatives Industry. Delivering quality services continues to be at the core of our purpose and in the uncertain and turbulent times of the COVID-19 pandemic has become more important than ever.” Marie-Elisa Roussel Alenda, Assurance Leader, PwC Luxembourg.


Quote: “In 2021, revenues from our Tax Services grew by 0.7%, against the backdrop of an increasingly complex and challenging environment,  driven by various factors including the impact of the pandemic and  local and global tax policy changes. We experienced growing demand to help our clients navigate an increasingly complex tax landscape and the growing compliance burden.” Gerard Cops, Tax Leader, PwC Luxembourg.

Internal Firm Services (IFS)

Quote: “During this COVID-19 period, the IFS teams have been there every day to ensure our operations were adapted to the new working conditions. On top of their daily activities, they also went through significant transformation in areas like compliance, secretariat and business support, logistics and IT.” Anne-Sophie Preud’homme, Chief Operations Officer, PwC Luxembourg.

PwC Luxembourg Annual Review 2021 is available HERE

Press release by PwC

Publié le 25 octobre 2021