The partners of EY have agreed to vote on separating its audit and consulting businesses into two distinct multidisciplinary organisations, in what is being described could be the biggest shake-up of a Big 4 firm in decades.
The global firm revealed that voting is expected to begin on a country-by-country basis in late 2022, and concluded by early 2023.
In the UK the firm will need 75% of partners to back the plan for the split to happen.
EY’s UK chairman, Hywel Ball said: “The needs of our clients, people and stakeholders are changing and I’m proud that we are reviewing the shape of our business in the UK and globally so that EY is well positioned to build on its success into the future.
“We believe the creation of two strong, independent businesses would help us to better meet the needs of our clients; create compelling careers for our people; and serve the public interest by providing greater choice in the market and a global response to regulatory concerns.”
