The auditor's planned split would divide its $45bn (£39 billion) revenue global network roughly 60:40 between the consulting business and the audit-focused partnership, which would retain the EY brand.

EY plans to put the proposal to its partnership by the end of the year to secure approval for the split; it will be the first Big Four firm to radically restructure its business following intense regulatory scrutiny of the audit market. It is likely that all plans for the split would be completed in 2023.