Business
Ernst & Young Leaders Expected to approve accounting firm split plan
Ernst & Young leaders are expected this week to give the green light to the separation of its auditing and consulting businesses, paving the way for the biggest shake-up in the accounting industry in more than 20 years, according to people familiar with the matter.
The accounting giant’s global executive committee, which oversees the company’s worldwide network of 312,000 people, met on Labor Day to finalize worldwide breakup plan, people familiar with the matter said. The committee is expected to approve the plan later this week, which will trigger votes on the deal by around 13,000 EY partners, who will earn an average of more than a million dollars. each person.