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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
...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...
...“In a way it’s an arms race,” Russell Hardy, chief executive of Vitol, the world’s biggest oil trader, told the FT Commodities Global Summit in Lausanne this month....
...It raises fresh questions over the consulting firm’s denial that it ever worked for Beijing....
...“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....
...Sebastian Barrack, the firm’s head of commodities, told the FT’s Commodities Summit in Lausanne on Monday that the cartel has “definitely regained control” of the oil market....
...Jordan cancelled a summit at which US president Joe Biden was to meet the Jordanian and Egyptian leaders, as well as Mahmoud Abbas, president of the Palestinian Authority, a Jordanian official has said....
...A summit involving the US and Chinese presidents would be only the second in-person meeting between the two since Biden took office in January 2021. Here’s more on the planning for the summit. 5....
...What else came out of the summit? John Reed The other big outcome of this summit is that the African Union was admitted as a full G20 member....
.... — Simon Mundy CORPORATE CLIMATE TARGETS EY climate plan hit with a dose of reality As businesses rushed to roll out long-term green targets in the run-up to the COP26 climate summit, the Big Four accounting...
...Speaking at the FT’s Global Banking Summit, Botín welcomed the UK scrapping its cap and when asked whether the European cap should also be removed, she said: “I think that [would allow] a better alignment...
...Plus, the FT’s John Reed explains why this year’s G20 summit was a huge win for India....
Big Four firm says suspicious activity quickly spotted but industry disagrees about relying on the new technology
...It’s one of the many things we’ll be discussing at The Business of Football Summit, which returns next month in London....
...One recent study by researchers from Columbia University, the University of Houston and the Brattle Group consulting firm quantified the shortfall....
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