The move, agreed in September, aimed to accelerate growth and avoid conflicts of interest but required the approval of EY's 13 000 worldwide partners.
"Given the strategic importance of the US member firm to Project Everest, we are stopping work on the project," it said. But it conceded that separating its businesses came with challenges, including giving both organisations the capabilities to compete effectively in the market, and that more time was needed to make necessary investments.
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