Why the outlook is bleak for UK firms despite first drop in profit warnings since mid-2021 October 30, 2023 Profit warnings among UK companies fell for the first time since 2021 in the third quarter, but access to credit is fast becoming a major concern for firms.
UK to avoid recession despite Bank of England interest rate rises, EY predicts October 16, 2023 The UK will avoid a recession despite the impact of the Bank of England's interest rate hikes, new forecasts from the EY Item Club say.
EY poised to cut jobs and rein in bonus pots – reports August 17, 2023 EY is poised to slash a number of jobs and has warned staff they will face more meagre pay rises and smaller bonus pots this year as it battles with rising costs, according to reports. The Big Four firm’s UK bosses have told staff it will cut more than five per cent of its near [...]
Most European financial services bosses wary of ‘unintended consequences’ of AI August 14, 2023 A new survey has revealed the extent to which chief executives of European financial services companies are concerned about the potential dangers of AI. The latest EY CEO Outlook Pulse Survey has revealed that 63 per cent of financial services bosses are concerned not enough is being done to manage the “unintended consequences” of artificial [...]
EY plots leadership reshuffle after Big Four firm’s break-up plans scrapped May 15, 2023 EY is planning to alter the leadership team of its UK operations just weeks after it scrapped plans to break-up its audit and consulting business. The Big four accountancy firm’s UK managing partner Alison Kay, one of the top executives in Britain and a likely candidate for the role of boss, will move to a [...]
EY chief says it’s still too early to say whether split plan can be rescued March 23, 2023 The head of EY’s US business has said it is still too early to say whether the accounting giant’s global split will go ahead in its current form or whether the plan might have to be reworked. Julie Boland told the Financial Times it would be “premature” to predict whether EY’s current plan to split [...]
EY puts global split on hold following fight over tax business March 9, 2023 EY’s plans to split its audit division from its consulting arm are on the brink of collapse amid a fight over the future of its tax business. The Big Four accounting firm has “paused” its plans for a global split, in the face of fierce disagreements over the extent to which its tax division should [...]
EY to push ahead with mid-year promotions after KPMG calls off April round March 5, 2023 EY has said it is pushing ahead with this year’s round of mid-year promotions “as normal,” following reports that Big Four rival KPMG has called off its own round of April promotions. An EY spokesperson told City A.M. the “small number of mid-year promotions” it makes “every year” are “continuing as normal.” KPMG, by contrast, [...]
EY’s China staff asked to wear communist party badges to work February 27, 2023 Staff in EY’s Beijing offices have reportedly been asked to wear their communist party badges to work. A communist party committee in EY’s China business called on party members to wear their hammer and sickle pins in the office, the Financial Times reported. In an email to party members working in EY’s Beijing office, the [...]
China tells state-owned companies to cut ties with the Big Four February 22, 2023 China has told its state-owned companies to stop working with the Big Four auditors – EY, KPMG, PwC, and Deloitte – and asked them to use local accounting firms instead. China’s Ministry of Finance (MoF) has called on the country’s state-controlled firms to let their audit contracts with the Big Four expire, Bloomberg reported today. [...]