PwC top pay takes a tumble

TOP pay at the British arm of accounting giant PricewaterhouseCoopers slid by 9% last year, when partners collected an average of £429,000.

The rewards to PwC's 829 partners in the UK were revealed today in the firm's first published annual report in the wake of its conversion to a limited liability partnership in January.

Turnover from continuing operations fell by 7% to £1.5bn in the year to June. UK chairman Kieran Poynter, who was paid £1.485m, said he was pleased with the results given 'the toughest market conditions that I can remember'.

The firm's performance was hit by the paucity of corporate deals, an uncertain regulatory climate and the loss of business previously generated by the consulting arm, which it sold to IBM.

Revenues had also been hit by the decision to ditch unprofitable or high-risk clients.