Financial Times reported moments ago:
EY has called off the plan to break up its audit and consulting businesses after months of internal disagreement.
The decision is set to be communicated to partners in a note on Tuesday, said people with knowledge of the matter.
More to come shortly.
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Presumably because the many apologies and decisions made before this letter have not sufficiently gotten the heat off their backs (and boy is it hot), PwC Australia published an open letter apology on their website Monday. The entire text, including the formatting, appears in below. At issue, if you make your residence under a rock, […]
Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you’re here, subscribe to our newsletter to get the week’s top stories in your inbox every Tuesday and Friday. Have a safe Memorial Day. Long Read How a Pandemic-Era Program Became a […]
LMFAO
Julie sent out an email to all US personnel about 15 minutes ago. bye-bye Carmine
Can someone please send it over so we can see it? [email protected]
Carmine legacy
Not a surprise. When can we expect the going concern article about PWC “executives” galavanting around with Clarence Thomas and his billionaire buddy
Way to be that guy and bring politics into this. Moron.
His comment wasn’t political. It was judicial. A crooked judge who should never have been given a lifetime job and by all accounts the judge with the least judicial knowledge. That is until Kavanaugh and Coney Barrett got there
Love this UK partner’s comments (Anna Anthony). She must be an idiot. Deferred or delayed projects – so they will spend the $400 million – but what about the $600 million?!! EY’s UK firm is planning cost-cuts. Carmine must go as well – just looking to line his pockets ($10 million+) and CEO for the lucrative public consulting company – sorry Carmine, no dice!
Besides her, others heads need to roll; this will have a major impact on its culture for years to come (and with recruiting). “Never Mind” says the recruiters.
>>The firm spent $600 million and more than a year working on the split, executives said on internal webcasts on Wednesday. That tally includes $300 million of payments to a raft of top-tier investment banks and law firms and other outside costs, as well as $300 million of partner time and other costs within the firm. <>Anna Anthony, a senior executive at EY’s U.K. arm, played down the spending on a call with partners, saying the cost was offset by $400 million that EY saved on projects that were delayed or deferred because of the proposed split.<<