Mathieu Shapiro Discusses Ernst & Young’s Split in an Interview with Bloomberg

Obermayer managing partner Mathieu Shapiro was interviewed by Bloomberg in connection with Ernst & Young’s (EY) intention to spin off its consulting business and much of its tax practice into a stand-alone public company, a plan known as Project Everest. The article, titled “EY Calls Off Splitting Its Audit and Consulting Units,” published on April 11, 2023, discusses the cancellation of the project after the US affiliate decided not to take part, disrupting a nearly yearlong struggle to build consensus for the historic shakeup of the Big Four accounting firm.

“Given the strategic importance of the US member firm to Project Everest, we are stopping work on the project,” the firm said in a statement.

Observers of the EY’s saga expect the split will still happen, even if it takes a different form.

“They just realized that however this structure was, it didn’t work. And now they have to find a better structure. I take this as just a longer break, not a stop,” said Mathieu Shapiro.

Read the full article here.