PwC Overhauls U.S. Advisory Arm, Boosts Hiring to Offer More Industry-Specific Services
PricewaterhouseCoopers is overhauling the structure of its U.S. advisory business and hiring for thousands of roles as it sees recovering demand for such services.
The firm told workers Tuesday it plans to expand its advisory divisions to eight from four to provide more industry-specific services to companies, effective July 1. It also will embed managed services—in which consultants operate part of a client's business, such as information technology and human resources—in each of the divisions as opposed to keeping that group separate.
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Harvard Business Review
an hour ago
- Harvard Business Review
The Skills and Habits Aspiring CEOs Need to Build
It's no secret that today's business environment is volatile and unpredictable. From the Covid-19 pandemic to shape-shifting tariffs to the rise of gen AI, CEOs have a fresh set of challenges that the standard management playbook is ill-equipped to address. As a result, many are heading for the exit. According to one survey of U.S. companies, nearly 2,000 CEOs announced their departures in 2024—the highest total on record. At the same time, executive recruiters report that fewer people are interested in, or ready to, replace these exiting CEOs. This raises a number of questions: Are we at an inflection point in what future CEOs need to be successful? Is enough being done to equip up-and-coming CEOs to navigate these evolving dynamics? How can companies ensure future leaders are prepared to make tough decisions in chaotic times, and lead diverse, tech-first, and global workforces? To answer these questions, we reached out to three experts: Ginny Rometty, former chairman, president, and CEO of IBM, serves on multiple boards and co-chairs OneTen. Nitin Nohria is the George F. Baker Jr. and Distinguished Service University Professor and former dean of Harvard Business School (HBS). He is the co-founder of HBS's New CEO Workshop. Gary Burnison is the CEO of Korn Ferry. We specifically asked: What skills and behaviors should aspiring CEOs prioritize on building now to thrive in an increasingly complex world? And how can organizations support them in building these skills? Here are their answers, edited for clarity. Ginni Rometty: Prioritize Behaviors—Not Just Hard Skills The rise of AI, geopolitical fragmentation, and evolving expectations around inclusion are reshaping leadership. Aspiring CEOs should prioritize behaviors—not just 'hard' skills—to navigate this landscape of constant change. There are three key areas you should focus on. Be an Olympic learner. When I stepped into the CEO role at IBM, we were facing a rapidly shifting technology landscape—and a business model that needed to evolve. I approached that moment the way an Olympic athlete approaches their training—constantly iterating, stretching, and seeking input. I didn't need to have all the answers; I needed to ask the right questions and create a culture where others felt safe to do the same. We instituted mandatory learning—40 hours for all employees—not as a simple requirement, but to make learning part of how the company worked and as a catalyst for a culture of growth. I personally taught the first hour of our monthly sessions for four years. This wasn't just symbolic; it signaled that in an era of technological disruption, continuous learning isn't optional but essential at every level of the organization. That mindset is one I encourage every aspiring leader to embrace. It's especially critical as AI and automation change the nature of work and decision-making. Organizations must cultivate curiosity and create space for reflection, co-creation, and experimentation. Steward good tech. As the influence of AI and emerging technologies grows, future CEOs will need to do more than adopt innovation—they must steward it responsibly. This means making decisions rooted in long-term values, not driven by achieving short-term metrics. One pivotal moment came when, at IBM, we decided to formally articulate our AI principles—especially around transparency and data responsibility. It wasn't driven by regulation, but by trust. We chose not to use client data to train our models, and we committed to being able to clearly explain how AI was being deployed. These weren't just policies; they were leadership choices made to earn and protect trust. Future leaders will be judged by how they balance innovation with responsibility and to enable that, organizations must embed ethics and stakeholder thinking into the core of leadership development. When creating tools of unprecedented power, the question they ask shouldn't be 'Can we?' but 'Should we? And how?' Build resilience through relationships and attitude. Don't treat relationships as transactional. Invest in people with authenticity, long before you need them. During moments of crisis—like responding to a global event or facing difficult public scrutiny—it wasn't just my preparation or mindset that carried me through. It was the team, and broad circle of people, around me. People I had built trust with over years. The right relationships offer perspective, helping us gauge what truly matters or see things from a broader angle. During IBM's transformation, I relied on a diverse network of relationships—from my husband Mark, whose humor and steadiness kept me balanced, to colleagues who would share hard truths when I needed to hear them. Attitude is how we choose to deal with challenges. When facing criticism about IBM's strategy, I reminded myself that I knew the truth about our progress. Instead of absorbing the negativity, I focused on celebrating the quiet milestones—the ones that never made the headlines but signaled real progress. I also learned to compartmentalize—dealing with one crisis at a time, putting it in a mental box, and moving forward. Resilience allowed me to forge ahead through setbacks, conflict, crises, and critics. Organizations can help leaders build this by actively fostering networks, encouraging mentorship, and elevating emotional awareness as essential to success—for individuals, teams, and the company. The next generation of CEOs will succeed not by credentials alone, but by how they keep learning, lead with integrity, and respond to complexity. We need to prepare the next generation to lead with good power: leadership rooted in purpose, progress, and in service of others. The most effective CEOs will be those who understand that how we work and lead is as important as what we achieve. Nitin Nohria: Master the Art of Proportionality A skill that aspiring leaders must master right now is the ability to size up problems with a sense of proportion. In a world where leaders are inundated with a daily torrent of issues—some urgent, some trivial, some existential—the first and most essential act of leadership is triage. You must be able to distinguish the signal from the noise, set the right priorities, and focus energy where it truly matters. Consider something like tariffs. Leaders don't need a perfect forecast of how trade policy will evolve, but they need to size up its trajectory. What's the likely range of outcomes? Where will the dust settle? Making such judgments—calibrated, not knee-jerk—is what allows a leader to steer a company through uncertainty. One of the most valuable questions you can ask when sizing up a problem is: How much can I delay reacting in order to gather more information? In statistics, the Bayesian approach offers a useful guide: Start with an informed prior, update it as evidence accumulates, and revise your beliefs accordingly. Leaders must become better Bayesians—curious, circumspect, and constantly updating their understanding of a situation as new data emerges. Of course, there are moments when delay isn't an option. A fire needs to be extinguished, not analyzed. But the hallmark of good judgment is knowing the difference—when to wait, when to act, when to double down. That's the real art of proportion, and it's becoming a make-or-break leadership skill. This is not just about geopolitics—though we are clearly in a turbulent period. It applies equally to the pace of technological change, especially with AI. Advances are arriving so rapidly that smart people are predicting business models and entire industries may be reshaped in the next 18 to 24 months. In this environment, CEOs must be attuned not just to what is changing, but to how fast it's changing—and whether now is the time to watch, pivot, or accelerate. Organizations have a critical role to play in helping leaders develop these judgment skills. This is a moment for vigorous, open debate. One of the enduring strengths of Harvard Business School's case method is how it forces people to look at the same facts and come to different conclusions. The act of listening to others' reasoning—even, or especially, when they see things differently—sharpens your own judgment. The goal isn't always consensus. Often, the best insight comes from a contrarian or outlier perspective. That's why companies must create a culture where rigorous, honest, open-minded dialogue is not just tolerated but actively encouraged. Psychological safety —the ability to speak freely without fear of retribution—is not a luxury; it's a necessity in today's fast-moving world. This is what we try to cultivate in a great case classroom, and what organizations must learn to embed in their own cultures: a space where leaders are constantly testing, refining, and improving their sense of proportion—together. Gary Burnison: Focus on the Erstwhile 'Nice-to-Have' Skills So many factors are weighing heavily on CEOs today: shifting trade lanes, inflation and interest rates, the uncertainty swirling around AI, just to name a few. No wonder that, when talking with senior executives at global organizations, the two words I hear most often are perpetual uncertainty. Although the CEO role today is more complex than ever, with some executives giving a second thought to demands of the job, the position still remains both competitive and coveted, with plenty of aspiring leaders eager to take on the challenges. Their success will be determined largely by developing skill sets and adapting their mindset to meet today's moments. Based on more than 108 million assessments of professionals conducted by our firm over the past five decades, we know how leaders are wired—from their traits to their competencies to their drivers. Today, three key traits stand out above the rest: agility, resilience, and integrative thinking. Once seen as 'nice to have,' these traits are now mission critical. Agility: If only things worked like an Excel spreadsheet—on time, on budget, and displayed with complete clarity. But that's not realistic. Leading in this environment means anticipating what lies ahead—by accurately perceiving the reality of today. Then it's all about course-correcting in real time—navigating ambiguity with agility. While it seems to contradict a leader's every instinct, agility, at its core, is being willing to act without knowing every possible outcome. That takes big-picture thinking, calculated risk-taking, and embracing the unknowns of today's world. Resilience: Through every challenge and circumstance—the good, the bad, and everything in between—aspiring CEOs need to show their resilience. One way this happens, surprisingly perhaps, is with failure. After all, it's not the moment of failure that counts; it's what leaders will do after that. Resilience is all about the response—not retreating into isolation. That means staying visible and communicative, modeling composure and confidence, and empowering others—all of which generate momentum to move forward. Integrative thinking: While critical thinking is essential, far more important for aspiring CEOs is integrative thinking. It's a way of processing ideas that can open more possibilities. Integrative thinking has helped guide the best of leaders through crises. It's a little like playing 3D chess—and, to be honest, it doesn't come naturally to most people. For leaders who prioritize this skill, integrative thinking will help them lead their organizations in an increasingly complex world. Think of it as tapping Google Earth—and give yourself the broadest perspective. For example, you will need ask yourself thought-provoking questions that widen your lens. How do the decisions I'm making affect other parts of the company? Do they align with the overall strategy? What are the long-term, broad implications of taking an action? Integrative thinking is all about considering multiple and even opposing ideas and perspectives and synthesizing them into a new solution. Today calls for shifting our lens from 30,000 feet to ground level—and having awareness of all the airspace in between. More than any specific skill, trait, or behavior, what leadership really requires is self-awareness. No wonder Socrates called self-knowledge 'the beginning of wisdom.' Before focusing outward, it's important to first look inward. That's how the next generation of leaders will move onward—and even into the CEO role. Research from Korn Ferry shows that when it comes to self-awareness—and being accountable for how we are perceived—many leaders struggle, and a whopping 79% of leaders fail to see their own skills and deficiencies clearly. Not only that, but people who greatly overstate their abilities are about six times more likely to derail than those who are self-aware. Organizations will need to develop the CEOs of tomorrow by helping them see themselves more clearly through ongoing assessment, feedback, and reflection. More Resources
Business Insider
an hour ago
- Business Insider
My layoff from PwC went viral. It was the best thing that could have happened to me.
This as-told-to essay is based on a conversation with Donald King, a former PwC consultant in New York who founded AMDK, a marketing startup. King's employment has been verified with documents. It has been edited for length and clarity. Getting laid off from PwC was the best thing that ever happened to me. But at the time, it felt like my world was crumbling away. I was 25 and had been a technology consultant at the firm since 2021. When I got the ax, I was working in the PwC AI factory, building AI agents for enterprises. It was the hardest eight months of my working life, but it was a dream job. In October 2024, on the day of my layoff, I won first place in a firm-wide AI hackathon with over 3,000 contestants. A few hours later, I got the call. It was a straight-up humiliation. PwC didn't give me much of a reason for letting me go, but the business had been shrinking, consulting especially, and from what I understood they had overhired during my first years at the firm. I filmed the moment because I knew it would go viral, and I could use that as leverage. It was a raw, authentic moment. Next steps After being let go, I decided pursue a startup — something I'd wanted to do since I was a kid. At first, I pursued an AI startup. I'm Gen Z, so I know how powerful going viral can be for businesses. I knew I could use social media to build a community and find clients. At first, I was only getting 20 views per post, but two weeks later my layoff video went viral. By mid-November, I pivoted to the idea of starting a marketing agency and officially launched in December 2024. Setting up a company doesn't cost a lot and takes half a day. The structural parts, like the website and the legal filing, cost under $500, and we paid a one-time corporation fee of $300. I've had to dip into savings, but I had been making low six figures at PwC, and I got a severance package that funded me for a few months. I am not making as much as I used to, but the company is making a small return and financially supporting me. I also moved out of New York were the cost of living was high. A Gen Z marketing agency Our target clients are CEOs who have been in their industry for 20 to 30 years. We are basically the Gen Z agency helping them build a personal brand in the TikTok world. The hardest part was landing my first customer. I had 3,000 followers on TikTok when we launched AMDK, and I would message about 100 of them a day looking for opportunities. We've signed two clients and have more proposals in the pipeline — all of them have come from social media. It feels good not to be a cog in the machine Having a background in professional services has really helped launch the business. When people learn that I'm ex-PwC, they instantly trust me. Tasks I saw as boring work as a 22-year-old analyst were actually helpful to develop the skills to start my own business. Working 80-hour weeks, completing tons of proposals, and learning how to pitch teaches you a lot about how deals are made in the business world. I had so much access at PwC to resources and tools. If you get laid off, write down everybody's name that supports you and reach back out to them — continue using and growing your network. Working at PwC, I often felt like a cog in the machine. The eight months I spent working for PwC's AI factory were the hardest of my work life. I was tossing away hours and weekends for someone else's dream. It's been really freeing to be on my own schedule. I probably have a worse work-life balance now than I did at PwC, but the difference is that my work is for my business instead of for someone else's. I have no regrets Entrepreneurship is difficult at the beginning. My income isn't as stable as at the Big Four. Some days you can feel like the king of the world, but 90% of the time, you're working unstructured days doing all the aspects of running a business at once. It's overwhelming and takes an emotional toll. That said, I have no regrets. I want to inspire others, especially right now when a lot of people are getting laid off — you can find a silver lining.
Forbes
an hour ago
- Forbes
U.S. Treasury Secretary Issues Huge $2 Trillion Crypto Prediction As Bitcoin Price Suddenly Soars
Bitcoin has rocketed higher over the last month, helped by fears stoked by Tesla billionaire Elon Musk that the U.S. dollar could be teetering on the verge of collapse. Front-run Donald Trump, the White House and Wall Street by subscribing now to Forbes' CryptoAsset & Blockchain Advisor where you can "uncover blockchain blockbusters poised for 1,000% plus gains!" The bitcoin price has come within striking distance of its all-time high of $112,000 per bitcoin, suddenly soaring 50% from its April low as the market braces for a Federal Reserve game-changer. Now, as a $37 trillion "ticking time bomb" could be about to blow up the bitcoin price, U.S. Treasury secretary Scott Bessent has issued a huge crypto market prediction. Sign up now for the free CryptoCodex—A daily five-minute newsletter for traders, investors and the crypto-curious that will get you up to date and keep you ahead of the bitcoin and crypto market bull run U.S. Treasury secretary Scott Bessent has predicted the stablecoin market could exceed $2 ... More trillion—thing some think could boost the bitcoin price. Dollar-pegged stablecoins, currently dominated by Tether's USDT and Circle's USDC, could 10x to become a $2 trillion market in just three years, according to U.S. Treasury secretary Scott Bessent, who said he believed it could even "greatly exceed that." Stablecoins—cryptocurrencies that are price-pegged to assets such as the U.S. dollar—have exploded in popularity in recent years as a way to move money around the world, however, the market remains unregulated even as stablecoin issuers like Tether and Circle see their valuations and profits surge. "I believe that stablecoin legislation backed by U.S. treasuries or T-bills will create a market that will expand U.S. dollar usage via these stablecoins all around the world," said Bessent, speaking during a House ways and means committee hearing. "I think that $2 trillion is a very reasonable number." Bessent's prediction echos a report from analysts with Standard Chartered Bank who earlier this year predicted U.S. stablecoin legislation would boost the market to around $2 trillion, up from just over $200 billion currently. 'U.S. legislation on stablecoins … would further legitimize the stablecoin industry,' Geoff Kendrick, Standard Chartered's global head of digital assets research, wrote in an emailed note. 'This has implications for both U.S. Treasury buying (for reserve purposes) and U.S. dollar hegemony.' Bessent's comments come as pressure on the U.S. dollar as the world's reserve currency is mounting due to the U.S. debt pile that's on track to top $40 trillion in the next decade. Last week, Tesla billionaire Elon Musk shared a warning from Coinbase chief executive Brian Armstrong that the spiraling U.S. debt pile could lead to the U.S. dollar losing its reserve currency position to bitcoin. "In the history of the U.S. dollar as a reserve currency there have been numerous passages along the way where many people assumed that the U.S. dollar would lose reserve currency status and there's always been a new mechanism that has cemented that," Bessent said, echoing similar comments made by U.S. president Donald Trump and his administration that the dollar's position will be strengthened by the adoption of dollar-pegged stablecoins. This week, the U.S. Senate voted 68 to 30 to move forward the so-called Genius Act that would regulate stablecoins, setting the bill up for a final vote that could happen as soon as Monday. 'The version of the Genius Act that we will invoke cloture on today reflects months of hard work and negotiations from members on both sides of the aisle,' Republican majority leader John Thune said in comments reported by Politico, adding, "it's time to move forward and pass this legislation." The bill's advancement has been named as a 'tailwind' for the bitcoin price and wider crypto market. 'The Senate's recent approval of the Genius Act mandating 1:1 stablecoin reserves and offering regulatory clarity, stands as a significant tailwind," Joel Kruger, market strategist at LMax Group, said in emailed comments. Sign up now for CryptoCodex—A free, daily newsletter for the crypto-curious The bitcoin price has rocketed higher over the last year, helped by expectations the U.S. will pass ... More stablecoin legislation this year. Meanwhile, Wall Street banks are gearing up to enter the stablecoin market, expected to give legitimacy to the wider bitcoin and crypto ecosystem. Bank of America chief executive Brian Moynihan has said the passage of stablecoin regulation will allow the bank to enter the stablecoin market. "We're working with the industry, working individually. We have this pretty well understood … but the problem before was it wasn't clear we were allowed to do it under the banking regulations, and there was a lot of mystery about that,' Moynihan said at a Morgan Stanley conference in New York, it was reported by Yahoo Finance. 'Even the large banks are becoming crypto natives,' Mateusz Kara, Ari10 chief executive, said in emailed comments. "Like water and gravity, there is an inevitability to the rise of crypto.'
