EY has invested over $100 million in Project Everest.
(Photo: IMAGO/Michael Gstettenbauer)
New York, Dusseldorf The auditing and consulting firm EY has stopped its planned split. This was announced by the group formerly known as Ernst & Young on Tuesday evening. It was actually planned that the 13,000 EY partners should vote in April on the separation of the lucrative consulting business. This should then be taken to the stock exchange.
As late as mid-February, Marie-Laure Delarue, a member of the company’s management, said that a “huge approval” was expected for what was internally known as “Project Everest”.
However, there has long been resistance internally – especially from the management of the US national company. This emerges from a message to the 13,000 EY partners worldwide, which is available to the Handelsblatt. The US unit is the largest of the 145 formally independent national companies.
EY: Splitting had many supporters in Germany
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