PwC, EY, and KPMG Walk Out on Jerry Grbic’s Luxembourg Banking Association

Three of the Big Four—PwC, EY, and KPMG—are leaving the Luxembourg Bankers’ Association (ABBL) on 1 April 2026. Deloitte, the fourth, is staying. The departure is not subtle. It is not amicable in any meaningful sense. It is a public rupture between the association’s leadership, led by CEO Jerry Grbic, and three of the most powerful firms in the Luxembourg financial ecosystem. Jerry Grbic confirmed the departure in a letter to members. The language was diplomatic: “Although we regret this decision, we fully respect it.” But the subtext is unmistakable. The firms cited the pricing model—membership fees based on total employee count rather than only those directly serving the banking sector—as the reason. In other words, they were being charged for people who have nothing to do with banks. And they decided they had had enough. Jerry Grbic’s ABBL Insists on “Solidarity”—While Three Giants Walk Out the Door The ABBL’s official response is all about continuity. “Nearly 260 institutional members and around 2,500 active professionals.” “Diversity is a key asset.” “Full commitment to serving its members.” Jerry Grbic and general secretary Sandrine Roux want the world to believe that nothing has changed. But something has changed. Three of the most [...]

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