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 [...]
EY announces record intake of almost 1,500 students with 40 per cent in regional hubs October 12, 2022 Big four accountancy firm EY (Ernst & Young) has announced a new intake of almost 1,500 students, with two-fifths based in regional office. EY’s new cohort of 1269 graduates and more than 200 apprentices is a 35 per cent increase on the young cohort for 2021. The firm was the first to remove the requirement [...]
EY posts record revenues of £40bn as consulting sales surge September 21, 2022 EY today posted record revenues of $45.4bn (£40bn), on the back of its strongest growth in decades, as partners in the Big Four accounting firm prepare to vote on plans for a global split in what could be the biggest shakeup to audit sector in years. The accountancy firm saw its combined global revenues [...]
EY’s Greater China business opts-out of global split September 11, 2022 EY’s Greater China practice, which covers mainland China, Taiwan, Hong Kong, Macau, and Mongolia, has confirmed it will not be taking part in the Big Four firm’s global split. EY’s China segment said it is “unable to participate” in Big Four accounting firm’s ground-breaking plans to separate the firm’s audit business from its consulting arm. [...]