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September 26, 2023

With Project Everest on Pause, Let’s Pause a Sec to Shed a Tear For EY’s Reputation As Transaction Advisors

EY building cut in half

Not a good look, you guys.

Article today (March 16) in The Wall Street Journal

Then there’s this — unconfirmed and now removed — post on Fishbowl a couple days ago:

via Fishbowl

“This will be resolved within weeks, not months, because we not only need momentum across the deal but we need clarity for all our stakeholders,” said Patrick Winter, EY’s Asia-Pacific managing partner a few days ago (AFR). “Globally we remain committed to the transaction. It’s in everyone’s interest to get this resolved as quickly as we can.”

Oh, we know. In the meantime, all of EY is basically in a holding pattern.

Poor Carmine, up at 4 in the morning sending desperate emails to make sure this gets done.

Deloitte Global CEO Joe Ucuzoglu Just Mic Dropped EY’s Messy Split DramaThe EY Split is Falling TF Apart
Legal Liabilities and Pensions Are Holding Up the EY Split
EY Israel Has Rejected the Split
EY UK Chair Insists Audit Will Not Be the Red-Headed Stepchild of Professional Services if the Split Goes Forward
EY China: We Are Not Splitting, Sorry
All Project Everest coverage

EY US boss signalled wide-ranging concerns over split [Financial Times]
‘Frustration and chaos’: EY fights to save Project Everest after US rebellion [Financial Times]
To split or not to split: EY confronts the question [Financial Times]
EY split threatens to weaken both sides of firm, say retired partners [Financial Times]
EY plan to split audit and consulting arms slowed down by leadership shifts, debt [Financial News]
Brand value at risk in planned accounting split of Ernst & Young audit and consulting lines [Canadian Accountant]

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