EY fights to save plan to split business in two

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Planned break-up thrown into chaos by US demands that deal be reworked

The planned break-up of EY was thrown into chaos on Wednesday when US partners were told the deal was being put on hold. Photograph: iStockEY chief executive Carmine Di Sibio has sought to reassure staff that a planned split of its audit and advisory arms will happen after the head of the business in the US told partners the deal was on pause and needed to be reworked.

In a message to staff on Thursday morning, seen by the Financial Times, the firm’s global head said its leaders would spend the “next few weeks” trying to resolve the impasse and that he had a “high degree of confidence” the plan would go ahead.on Wednesday when Julie Boland, head of the US business, told partners the deal was being put on hold to resolve differences between the two sides over how much of the tax practice should remain with the audit business.

Mr Di Sibio said in his message on Thursday that EY had already “made significant progress on many aspects of this transaction and [is] now focused on resolving a few remaining issues so that we can move forward”.

 

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