EY Targets Split Transaction by End of This Year, Partner Says

Ernst & Young is looking to conduct partner votes on its proposal to spin off its consulting business in April and kickstart a related capital transaction by around the end of this year, according to its global partner.

The break up of the Big Four accounting firm is “inevitable” due to regulatory and capital return pressure, Andy Baldwin, a global managing partner at EY, said in an interview with Bloomberg Radio on Monday. The firm stands by its plan — codenamed Project Everest — for the split and wants to ballot in April or May.

LISTEN: Andy Baldwin, global managing partner at Ernst & Young, speaks with Caroline Hepker and Stephen Carroll on Bloomberg Radio.

“This is probably ...