EY has invested over $100 million in Project Everest.
(Photo: IMAGO/Michael Gstettenbauer)
new York The auditing and consulting firm EY has stopped its planned split. This was announced by the group formerly known as Ernst & Young on Tuesday.
It was actually planned that the group’s 13,000 partners should vote in April on the separation of the lucrative consulting business. This should then be taken to the stock exchange. As recently as mid-February, Marie-Laure Delarue, a member of the company’s management team, said that “huge approval” was expected for “Project Everest”.
However, there has long been resistance internally. Above all from the US national company, as can be seen from a message to EY partners worldwide, quoted by the “Wall Street Journal”. In it, management said it was “stopping work on the project” because the heads of EY’s US office had decided not to proceed. The US unit is the largest of the 145 formally independent national companies.
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