EY shelves plan to split its audit and consulting businesses
EY Shelfs plans to split its audit and advisory businesses following a backlash from partners
EY has put a plan to split its audit and advisory businesses on hold following backlash from partners at a meeting in New York last night.
Bosses at the Big Four firm put plans to put the split process to a vote on hold after a meeting of senior partners from the US firms.
The split proposal – dubbed Project Everest – has been paused as specialized teams try to resolve disputes between different factions.
Break-up on hold: Bosses at EY have suspended plans to put the split process to a vote after a meeting of senior partners from the US offices
EY’s partners in the UK offices will be informed of the development by telephone call today.
In the UK, the consultancy must convince three-quarters of its partners to support the proposal.
A vote of the partners was expected in April or May, although a vote has been postponed a few times so far.
An EY spokesperson said: “We remain committed to the strategic rationale underlying Project Everest and believe a deal can and should be made.”