This funding is in addition to its existing annual technology investment and will be used to create new technology-based services and solutions in areas such as financial services, cyber, risk management, managed services, software services as well as digital tax and audit services. 

It follows the announcement earlier this month that EY has acquired US firm Riverview, an innovative technology-based legal services company.

Additionally, Nicola Morini Bianzino has joined as EY global chief client technology officer (CCTO) and Steve George as EY global chief information officer (CIO). They join Barbara O'Neill, EY global chief information & security officer (CISO).

Bianzino joins from Accenture, where he led artificial intelligence (AI) and AI strategy, and will be based in Silicon Valley. George is the former CIO for Citigroup's North American retail banking, mortgage and global commercial banking teams, and has also previously worked at Accenture. He will be based in New York.

Mark Weinberger, EY global chairman and CEO, said: ‘In this transformative age, businesses and governments are under significant pressure to not only keep pace, but get ahead of the vast disruption and technological change.

‘We see enormous opportunities in helping clients address these challenges and stay ahead of the technology curve. With this investment and expanded technology leadership team, EY will help businesses navigate industry disruption to realise their growth potential.’

Report by Pat Sweet