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November 28, 2022

Project Everest

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What Shortage? EY Is Supposedly Hiring 220,000 People This Year

According to the horse’s mouth, EY is buried under millions and millions of resumes and on track to hire nearly a quarter of a million people this fiscal year. Bloomberg: EY is on track to hire around 220,000 people in the twelve months to July 2023, having achieved its highest growth in nearly two decades […]

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EY Israel Has Rejected the Split

Financial Times is reporting that EY Israel is joining EY China in rejecting the proposed split of audit and consulting services. “From our point of view in the Israel business, the split will not create benefits,” said EY Israel Managing Partner Doron Sharabany to FT. EY China’s decision was based on regulatory hurdles that could […]

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This EY Split Thing is Going to Be Responsible For a Lot of Dinners and Golfing in the Year Ahead

The EY split is yet to be official — that should come late next year after a vote in a few months — but technology consultants that would have to go up against “the competitive edge” of a liberated EY consulting house for clients should get to work now if they want to stand out […]

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PwC Plans to Poach Unhappy Senior Managers From EY

While the pundits are talking about how the EY split could completely change the accounting industry as we know it and inspire other firms to split once they see the truckloads of cash pulling up to EY partners’ houses, one industry vet is perched at the periphery with a stack of offer letters just waiting […]

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EY UK Chair Insists Audit Will Not Be the Red-Headed Stepchild of Professional Services if the Split Goes Forward

For years, audit has struggled to attract talent and especially leadership because let’s be honest, audit is awful. You’re clients least favorite person, you have regulators breathing down your neck, and one little mistake can ruin your whole career. Plus the pay is…not great compared to other service lines. EY UK Chair and Managing Partner […]

EY Basks in the Glory of Third-Place Revenue (Maybe for the Last Time) in 2022

The Big 4 firm with a split personality officially announced today its fiscal 2022 revenue of $45.4 billion—a figure we knew several weeks ago thanks to the Financial Times. EY has always seemed perfectly fine with being the third biggest accounting firm in the world by revenue, knowing it’ll never catch PwC for second place […]

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EY Might Not Make Buckets of Money From This Split Thing After All

The Wall Street Journal has an article today suggesting that the EY audit/consulting split may not be the big money pay day EY is banking (heh) on. Why? Consulting is a competitive market and the economy isn’t looking so great these days, and EY’s separated consulting biz will not necessarily have the brand recognition in […]

EY China: We Are Not Splitting, Sorry

The Financial Times was one of the news outlets that reported last week about EY China saying it wasn’t going along with Carmine Di Sibio & Co.’s plans to split EY into separate auditing and consulting entities. Not because EY partners in the firm’s Mainland, Hong Kong, Taiwan, Macau, and Mongolia offices don’t wanna become rich […]

EY HAS BIG NEWS, YOU GUYS

This announcement is the most exciting thing since…uh…yeah, I got nothing. Anyway, the EY split is official. The vote, that is. “EY leaders have reached the decision to move forward with partner votes to separate into two, distinct, multidisciplinary organizations. The next steps include ongoing engagement with partners to provide them with more information in […]

Some Folks at EY Spent Labor Day Working Out the Details of the Audit/Consulting Split

The Wall Street Journal is reporting that the EY split is moving forward thanks in part to the big wigs getting together over the holiday weekend to hammer out the plan. Ernst & Young’s leaders are expected this week to give the green light to splitting its auditing and consulting businesses, paving the way for […]

Did the SEC’s Acting Chief Accountant Have EY in Mind When He Wrote This?

The Australian Financial Review reported today that EY had hoped to temporarily share the EY brand name between a new independent consulting firm and its existing auditing firm if a decision is made to split the two businesses into separate entities. But according to a statement this week from SEC acting chief accountant Paul Munter, […]

Here’s the Deck EY Put Together to Sell the Audit/Consulting Split to Staff

Australian Financial Review has published slides shown to EY staff in a July global webcast led by Carmine Di Sibio and in them we learn more about EY’s plan — code-named Project Everest — to split off consulting and audit. First up, the why. “The transformative forces reshaping professional services are evolving at unprecedented speed and […]

Partners Stand to Make Millions (Maybe) If EY Breaks Up

The big hurdle in EY’s plan to split audit and consulting lies in whether or not its partners want to take the risk per earlier Wall Street Journal coverage in which people familiar with the matter told WSJ its roughly 12,000 partners will need to vote to approve the spinoff. Well according to this it […]