Big Four global network, EY, has abandoned plans to create two separate business divisions after US partners overwhelmingly rejected the proposal known as Project Everest
EY’s planned split would have divided the $45bn (£40bn) revenue global network roughly 60:40 between the consulting business and the audit-focused partnership, which would have retained the EY brand.
The audit and tax compliance part of the business would have remained under the EY brand while a separate consulting firm, AssureCo, was going to be set up with a listing on the US stock exchange.
EY will update worldwide partners on developments later today, but has admitted that Project Everest was ‘challenging’ and the proposals were not supported by enough partners.
Last month, EY announced that it was reviewing the plans due to concerns across the partnership, and some countries had already opted out of the restructure.
