Financial-services firm Ernst & Young LLP is spending an extra $1 billion on new technology, including artificial intelligence and shifting platforms to the cloud.
EY is among a bevy of financial groups looking to reinvest in new technology, with rivals such as Deloitte LLP and KPMG LLP all increasing the amount of capital allocated to technology projects ranging from AI to blockchain.
The London-based company, one of the four major global accounting firms, has recently hired Nicola Morini Bianzino, the former head of AI at rival Accenture, and Steve George, a former Citigroup Inc. executive, to help manage the new ...
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