London Daily

Focus on the big picture.
Wednesday, Jun 03, 2026

EY to brief UK partners on plans for $80bn global break-up

EY to brief UK partners on plans for $80bn global break-up

More than 780 UK partners have been invited to a summit next week at which they will be briefed on details of EY's plans to separate its audit and consulting businesses, Sky News learns.

Senior executives at the big four accountant EY's UK firm will be briefed next week on plans for the professional services giant to pursue an $80bn (£66bn) break-up.

Sky News has learnt that EY's 780 UK partners have been invited to a summit at a central London hotel to hear its leadership team outline the next steps in a process which would emit shockwaves through the global audit profession.

One EY UK partner said on Thursday that they had been told to expect details of the firm's growth plans for the next financial year, as well as updates on "strategic" initiatives.

The UK ranks as the second-biggest firm in EY's global network, behind the US, meaning that the views of its partnership will be crucial to implementing the overall separation.

EY has been working on plans for months to carve out its consulting business from its audit firm in the belief that by removing conflicts of interest between the two sides, each would be more highly valued on a standalone basis.

The audit firm would continue to be owned by its partners, while the consulting business - which provides advice to companies on areas such as financial restructuring, deal-making, tax and technology transformation - would seek a listing on a major international stock exchange.

Although EY's global firm may announce its intention to pursue such a radical shake-up as soon as the next fortnight, partner votes are expected to take several months to organise, with approval also required by audit regulators around the world.

Details of the voting arrangements are yet to be finalised, but it is thought that national EY firms which vote against the proposals would not be forced to implement the split.

A partner at the firm said they had been assured that the vote on the firm's future would be "fair and equitable", although a spokesman declined to comment on any details.

Among the top executives presenting at next week's partner conference will be Hywel Ball, EY's UK chairman, and Omar Ali, the firm's financial services regional managing partner for Europe, the Middle East, India and Africa.

A spokesman for EY UK said in response to an enquiry from Sky News: "EY partners in the UK have not been able to gather together physically for two years.

"They will be getting together to reflect on the last financial year, look at plans for the forthcoming year and hear strategic updates from leaders."

EY looks certain to become an outlier among the big four audit firms if it does implement a break-up.

Deloitte and PricewaterhouseCoopers have both pledged to retain the existing integrated model, while Sky News revealed last week that the boss of KPMG had taken a swipe at EY's plan by implying to colleagues that it was akin to an act of corporate vandalism.

Bill Thomas, KPMG's global chairman, told partners that the longevity of KPMG's existing structure was one of its major attributes.

"We are a partnership that has been strong and growing in some countries for over 150 years," he wrote in a memo.

"Our culture fuels this growth and stability.

"Our responsibility is to leave the firm better than we found it for those who come after us - we are stewards of the business for our mentees and the next generation.

"To monetize the goodwill of our firm that has been created for over a hundred years, at the expense of the next generation, would be entirely contrary to our culture."

The board of KPMG Global is said to have discussed the issue at a meeting earlier this month, with a determination that it would retain its present structure even in the event that the other members of the big four followed EY's lead.

The break-up debate has been fuelled by growing pressure on the world's biggest auditors to extricate themselves from conflicts of interest which have beset the industry in recent years.

In the UK, the collapses of companies including BHS and Carillion have stoked anger about the performance of auditors, prompting moves to create a new statutory regulator.

Newsletter

Related Articles

0:00
0:00
Close
Japanese Technology Firm Fujitsu Launches Advanced Artificial Intelligence Tool for Corporate Disclosures
South Africa Officially Launches Nationwide Campaign for Highly Contested Local Government Elections
United Kingdom Commits Additional Funding for Unexploded Ordnance Clearance in Laos
Singapore Announces Stringent New Greenhouse Gas Regulations for Commercial Cooling Systems
Cambodia and Thailand Hold High-Level Border Security Talks at United Nations Headquarters
Myanmar Military Government and China Sign Major Agreement to Upgrade Media and Cultural Cooperation
Knife Attack at Swiss Train Station Leaves Three Injured in Suspected Act of Domestic Terrorism
Transnational Extortion Gang Threatens Canadian Police With Army of One Thousand Armed Operatives
Australia Imposes Forty-Two-Day Quarantine on Cruise Ship Passengers Following Deadly Hantavirus Outbreak
International Monetary Fund Unlocks Seven Hundred Million United States Dollars for Sri Lanka Following Economic Reforms
Australia Launches Record One Point Four Billion Dollar Lawsuit Against Chemical Giant 3M Over Contamination
China and Canada Foreign Ministers Meet in Ottawa in Effort to Stabilize Strained Diplomatic Ties
Indonesia Demands Urgent United Nations Security Council Reform Amid Escalating Global Conflicts
Extreme Weather Patterns Trigger Severe Drought in Madagascar and Destructive Flooding in East Africa
Indian State of Karnataka Faces Political Upheaval as Chief Minister Siddaramaiah Abruptly Resigns
Philippines and Japan Reaffirm Defense Ties as Crucial for Indo-Pacific Regional Stability
Norway Joins French Nuclear Deterrence Initiative in Major Shift for European Security Architecture
Global Critical Mineral Alliances Expand as Western Nations Move to Counter Chinese Supply Dominance
United States Imposes Fifty Percent Tariffs on Mexican Steel and Aluminum Ahead of Trade Pact Review
European Union and China Head Toward Major Trade Conflict Over Clean Technology Exports
United States Economic Growth Severely Downgraded to One Point Six Percent as Stagflation Fears Mount
World Health Organization Warns Central African Ebola Epidemic is Outpacing Containment Efforts
United States Treasury Department Conditions Sanctions Relief on Reopening of the Strait of Hormuz
Iranian Air Defenses Intercept and Destroy United States Military Drone Over Bushehr Province
Iranian Armed Forces Launch Ballistic Missiles Toward Unspecified Targets Prompting Regional Condemnation
United Nations Secretary-General Warns Global Order Facing Highest Level of Conflict Since 1945
Israel Issues Sweeping Evacuation Orders in Southern Lebanon Amid Intensified Hezbollah Conflict
Russia Announces Systemic Military Strikes Targeting Ukrainian Defense and Energy Infrastructure
United States and Iranian Negotiators Reach Draft Agreement to Extend Ceasefire and Resume Nuclear Talks
United Nations Security Council Deeply Divided Over United States Capture of Venezuelan President
US and Iran Exchange Direct Military Strikes Amid Fragile Gulf Ceasefire
World Health Organization Warns of Catastrophic Ebola Outbreak in DR Congo
Russia Threatens New Wave of Strikes on Ukrainian Infrastructure and Embassies
Scientists Warn Atlantic Ocean Currents Could Collapse Faster Than Projected
Anthropic Reaches $900 Billion Valuation in Historic AI Funding Round
Washington Imposes Crippling Sanctions on Iranian Maritime Authority
Japan and the Philippines Initiate Strategic Intelligence-Sharing Pact
Microsoft Deploys Autonomous Computer-Using AI Agents to Global Markets
Anthropic Secures $45 Billion Compute Infrastructure Agreement With SpaceX
U.S. Director of National Intelligence Resigns Amid Administration Shakeup
Micron Technology Crosses Trillion-Dollar Valuation Amid Unprecedented Hardware Demand
Canada and Germany Finalize Historic Long-Term LNG Export Agreement
China Expands International Travel Restrictions on Domestic AI Researchers
Japan Approves Sweeping Overhaul of National Intelligence Apparatus
Global Airlines Scramble Logistics as Middle East Airspace Remains Fractured
Japan's Naphtha Imports Plunge 47 Percent Amid Strait of Hormuz Closure
Global Crude Prices Retreat Below $96 as Gulf Tensions Momentarily Ease
Generative AI Outperforms Human Baselines in Landmark Global Creativity Study
NASA Partners With Private Aerospace to Unveil Permanent Lunar Base Architecture
South Korean Equity Markets Surge on Next-Generation Memory Chip Frenzy
×