Profits Tank For PwC

PwC's business in Asia faced a 12.7% profit decline this year due to scandals in China and Australia.

The firm lost clients after helping conceal fraud at Evergrande, leading to a six-month suspension in China. In Australia, a tax partner used confidential government info, prompting the sale of PwC's consulting arm.

Despite global revenues rising to $55.4 billion (up 3.7%), PwC's Asia-Pacific revenue dropped 5.6%.

The firm saw strong growth in the Middle East, Sweden, and France, but struggled overall in consulting.