Pricewaterhouse Coopers just got the gift no one wants for Christmas: It’s been slapped with not one but two probes by the Financial Reporting Council, its regulator, over work for two longtime audit clients, Tesco and Barclays.

In probes announced Monday, the regulator said it would investigate three years' worth of Tesco's accounts after the retailer issued a string of profit warnings this year and the Serious Fraud Office opened a criminal investigation into its accounting.