PwC plans $20 million expansion of Stamford IST division headquarters

Up to 400 new jobs will be generated when PwC’s plans to expand its Insourced Solutions for Tax (IST) division are realized. Stamford, CT, will be the Big Four firm’s strategic IST headquarters and the State of Connecticut will provide grants worth $9 million – if the job creation targets are met.

PwC first established an IST team in Connecticut in 2017 following a deal with General Electric to provide enterprise managed tax services. The Big Four firm acquired hundreds of GE tax experts and much of its proprietary tax technologies as a consequence. The Stamford IST team was thus a merger of GE experts and newly-hired PwC advisors. 

Just one year later, the accounting and consulting firm is keen to build on early successes and make Stamford the strategic headquarters of the well-funded new IST unit. Around $20 million has been earmarked for the planned expansion, which should lead to 400 new jobs opened by PwC in Connecticut over the next five years.

The job creation plan has been warmly welcomed by the State’s Department of Economic and Community Development, which has pledged $9 million for training, equipment, and other miscellaneous help needed at the 300 Atlantic St. location. In addition to the Stamford headquarters, PwC US has offices in Hartford, CT. 

“This is one of the largest professional services firms in the world, and we are thrilled that they have decided to establish this new strategic headquarters in Connecticut,” said Gov. Dannel Malloy. “We look forward to having them as part of our business community and seeing the company continue to grow its presence in our state.”

PwC IST Chairman Rick D’Avino added, “PwC’s Insourced Solutions for Tax team is part of our journey towards developing a tax function that has an even greater ability to turn global uncertainty and regulatory change into new opportunities that deliver on a business’s strategy. We’re proud to establish its headquarters in Connecticut, and look forward to delivering new value for our people and clients as a result.”

Consulting firms across the US are opening and expanding new offices at a healthy rate. BCG recently renewed its building lease in Dallas, while Scottish energy consultancy Partrac has made waves with the debut of its first North American office in Houston.