Global accounting firm Ernst & Young’s top leaders have agreed to advance plans to break the firm into two, creating a $20 billion audit firm and a separate publicly traded consulting business that it said would be valued at $100 billion.
More than 13,000 partners worldwide will have the final say on whether the firm should become what EY described as “two distinct, multi-disciplinary organizations” — a breakaway move not yet replicated by the rest of the Big Four firms. Voting is slated to begin late this year and extend into 2023, it said.
“This really is not about ...
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