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...a $1bn investment by Hellman & Friedman in Baker Tilly US, another top 10 firm....
...Retirees are typically among the firms’ largest creditors but do not have a vote on the sale of the firm....
...private equity group Hellman & Friedman to fund an acquisition spree, and is likely to further intensify competition in a sector that has been fast expanding beyond traditional tax and accounting into consulting...
...A person familiar with its deal said that the two private equity firms would take an equity stake of about $1bn for just over 50 per cent of the firm, with more than $900mn coming from H&F....
...While spinning out divisions into separate entities frees them from conflict of interest restrictions within the Big Four audit and consulting firms, some partners are sceptical of the benefits when weighed...
...“While PwC Greece’s work ultimately helped uncover the fraud at Aegean, we fully accept that we should have asked more questions,” a spokesperson for the firm said....
...The firm’s largest business, consulting, continued to be its fastest growing, posting revenues up 19.1 per cent in local currency, to $29.6bn....
...Some of the world’s biggest audit and consulting firms are asking staff to use burner phones when they visit Hong Kong, a sign of the increasing difficulties global companies are facing in a city long known...
...The largest shareholdings went to executives at the top of the firm and those with longer tenures....
...Firms involved in the talks include General Catalyst, Andreessen Horowitz and Khosla Ventures, the people said....
...“The transaction itself can be a real catalyst,” he said....
...The firms have slightly different methodologies and lags to reporting their data....
...In October, the Financial Times reported that Deloitte was planning to axe about 150 junior consulting roles as part of its initial redundancy round....
...The Big Four accounting and consulting firm first launched the internal tool, called “PairD”, in the UK in October, in the latest sign of professional services firms rushing to adopt AI....
...Firms across the world are struggling to train and recruit staff....
...The trouble is, if you don’t get those numbers right, those numbers become the governing factors,” said Richard Hyman, a retail analyst at Thought Provoking Consulting....
...Revenue in consulting grew 16 per cent, to £1.6bn. Houston said the firm’s financial services, energy and resources, and public sector teams had all experienced “significant demand”....
...One recent study by researchers from Columbia University, the University of Houston and the Brattle Group consulting firm quantified the shortfall....
...Deloitte and the other Big Four firms are having to contend with slowing demand from clients....
...The list of early backers includes General Catalyst founder David Fialkow, Avenue Capital’s Marc Lasry, founders of RA Capital Management and former JPMorgan Chase chief investment officer Matt Cherwin,...
...Arm’s $5bn initial public offering this week was the most expensive in fees for five years, earning a $84mn windfall for the professional services firms that advised it, including Deloitte....
...PwC Australia also sold its government consulting business for a nominal A$1 to try to ringfence its contracts from the fallout....
...Beijing has also cracked down on due diligence firms and brought in tighter rules on overseas listings....
...It signals the onset of tighter scrutiny of the accounting and consulting sector and rising uncertainty over the future of Deloitte, PwC, KPMG and EY in China....
...The VCs, including General Catalyst, Greylock and Kleiner Perkins, advocated a similar strategy in their letter....
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