How EY’s Project Everest collapsed

Behind the Money

Topher Forhecz

Markets, Investing, News, Banking, Finance, Business, Business News, Crypto

4.4 • 350 Ratings

🗓️ 3 May 2023

⏱️ 19 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

When news broke last year that EY was planning to split its businesses, it was seen as a move that could reshape the accounting industry. The bold plan was given an equally grand name, “Project Everest”. But after months of negotiations from within the firm, and despite the support of the global leadership, the plan recently fell apart. FT’s US accounting editor Stephen Foley and accountancy correspondent Michael O’Dwyer explain why that shakeup didn’t happen.

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For further reading:

EY risks paralysis and a power vacuum after break-up failure

Julie Boland: the EY leader in the middle of a ‘civil war’

EY to cut 3,000 jobs in US to eliminate ‘overcapacity’

EY: embarrassing climbdown calls future strategy into question

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On Twitter, follow Stephen Foley (@stephenfoley) and Michael O’Dwyer (@_MODwyer)

Read a transcript of this episode on FT.com

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Transcript

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0:00.0	Am I missing anything? Is this the right decision?
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0:29.5	It was a move that could have reshaped the entire accounting industry.
0:35.8	In May 2022, the F.T. reported EY, one of the big four firms,
0:41.0	was planning to split itself in two.
0:44.4	This was arguably the biggest accounting story in two decades,
0:50.2	certainly in terms of the profession itself.
0:53.0	That's the F.T's accountancy correspondent Michael O'Dwyer.
0:56.0	This would have been the biggest change in the accounting and consulting industry
1:02.0	since the collapse of Arthur Anderson, which was the accounting firm
1:05.6	that audited Enron. The plan would have divided EY's audit and consulting businesses into two
	...

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