EY names new leaders of globally separated firms December 14, 2022 EY has named two of its top leaders as heads of the firm’s soon-to-be separate audit and advisory businesses, as it pushes forwards with plans for a global split. EY said current chief executive Carmine Di Sibio will head the new consulting business – NewCo – as it named US managing partner Julie Boland [...]
Exclusive: EY poised to ramp up fintech investment with new London Lab December 14, 2022 EY said it is set to pump millions of pounds into the fintech sector in the next year as it unveiled a new London incubator today designed to cultivate start-ups in the capital.
KPMG chief snubs global split as consulting arm drives growth in revenues December 13, 2022 The global head of KPMG today slapped down suggestions it might follow EY in pursuing a global split, in claiming the accounting firm’s strong financial performance “validates” its current approach. KPMG chief executive Bill Thomas rejected plans for a split in claiming the Big Four firm’s results “validates an unwavering commitment to deliver services… through [...]
Big Four’s legal ventures could see surge in law firm IPOs, DWF chief says December 8, 2022 The Big Four’s efforts to bolster their legal businesses could lead to a surge in the number of UK law firms listing on the stock exchange, DWF chief Sir Nigel Knowles told City A.M. EY’s global split could see the firm become an “aggressive” legal services behemoth, as it is freed from the conflict-of-interest rules [...]
PwC seeks to bolster top ranks by poaching partners from Big Four rivals December 4, 2022 PwC is seeking to bolster its top ranks by poaching partners from its Big Four rivals. The accounting firm is hoping to hire up to 500 new partners with expertise in tax, cloud services, financial crime, and ESG advice, the Financial Times first reported. In doing so, PwC is seeking to take advantage of discontent [...]
UK motor insurers to make largest annual loss in a decade due to inflation November 25, 2022 The UK motor insurance sector is set to make the largest annual loss in over a decade as a result of inflationary pressures. Analysis published today by EY has forecast that net combined ratios will reach 115 per cent this year – the worst year since 2010 – going down slightly to 114 per cent [...]
HMRC sues EY following dispute over property tycoon’s tax affairs November 15, 2022 HMRC has filed a High Court lawsuit against EY over alleged misrepresentations to the UK tax authority in relation to British property investor Jamie Ritblat’s tax affairs. The case relates to a broader dispute between HMRC and the Tory donor over taxes on £141m in profits from Ritblat’s Delancey property investment firm, the Financial Times [...]
EY to delay partner votes due to complex legal wrangling November 14, 2022 Votes on plans to split EY in two are not set to begin until the start of next year, after being delayed by legal wrangling. The ballots, which were set to start this month, will not take place until early 2023, due to the complexities the firm has faced in finalizing the legal framework through [...]
EY revenues hit record highs as partners prepare to vote on global split November 1, 2022 EY’s UK business today posted record revenues of more than £3.2bn as partners at the Big Four firm prepare to vote on plans for a global split. The UK business’ revenues increased 17.2 per cent as the accountancy firm’s fee incomes were bolstered by a 33 per cent uptick in consulting revenues. A 15 per [...]
EY’s Israeli business opts-out of global split October 25, 2022 EY’s Israeli business will not participate in the accounting firm’s global split, but will instead retain its current structure under which auditors and consultants work together under a single umbrella. The Israeli firm’s managing partner Doron Sharabany told the Financial Times the firm does not see the benefits of EY’s separation plans. “From our point [...]