Goldman Sachs will become the first substantial bank in Britain to be audited by a mid-sized accounting firm after it appointed Mazars to check its books in Europe.
The American investment bank, which reported revenues of almost $8 billion in Europe last year, has hired the eighth largest accountant in Britain by revenue to replace PWC from 2021.
Its decision comes after a drive by regulators and politicians to increase competition in the British audit market after a series of scandals and corporate collapses, such as at BHS and Carillion, which have shone a spotlight on the quality of the work by the largest firms.
Mazars was founded in 1945 near Rouen in western France by Robert Mazars. Today it employs 23,000 people worldwide across