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Former US partners hire lawyers in fight for bigger share of the proceeds from New Mountain deal
Accounting firm recently agreed to sell a majority stake to New Mountain Capital
...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...
Hellman & Friedman-led deal is largest in a sector reconsidering its partnership model
...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...
...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....
PCAOB imposes total penalties nearing $12mn against PwC, Deloitte, KPMG and others
...ordered the full-scale invasion of Ukraine, multinationals are on the cusp of losing a carve-out that allowed them to provide their Russian subsidiaries with professional services like accounting, management consulting...
...“This is alongside our work to fast-track investment and hold water companies more accountable — including consulting on a ban on bonuses and bringing in a fourfold increase in inspections.”...
...Zitron cites a study by Boston Consulting Group, which found that consultants who used ChatGPT to help solve business problems performed 23 per cent worse than those who didn’t use it....
...She explained eastern European Nato countries still had defence requirements which meant “Germany can’t and shouldn’t simply say we’re going to take this air defence system out” without consulting privately...
...Sources: Institute for the Study of War, Rochan Consulting, FT research....
...“Tax and audit work is being replaced by technology and the lowest price is winning, hence the transformation to consulting and advisory services....
...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....
...In a study for the ERT, Boston Consulting Group estimates that the investment needed in energy transport infrastructure will total €800bn to 2030, rising to €2.5tn by 2050....
...“This supermarket megamerger comes as American consumers have seen the cost of groceries rise steadily over the past few years,” noted Henry Liu, director of the FTC’s bureau of competition....
...Last year, he hosted a 100th birthday lunch for former US secretary of state Henry Kissinger at Waddesdon Manor, his mansion in the Buckinghamshire countryside....
...I’m joined now by the FT’s Brussels bureau chief, Henry Foy. Hey, Henry. Henry FoyHey. Josh Gabert-Doyon So, real quick, what is the price cap? What’s it supposed to do?...
Big Four firm says suspicious activity quickly spotted but industry disagrees about relying on the new technology
...Susan Neiman: Instead of tribalist labels such as pro-Israel or pro-Palestinian, the Jewish-American moral philosopher tells Henry Mance: “I’m pro-peace.”...
...One recent study by researchers from Columbia University, the University of Houston and the Brattle Group consulting firm quantified the shortfall....
The least-loved slice of the financial information business
...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...
...Consulting work slowed in the past year after enjoying bumper growth in 2021 and early 2022 when companies were seeking advice on how to deal with challenges linked to the Covid-19 pandemic....
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