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3min chapter
How EY’s Project Everest collapsed
Behind the Money
The Impact of the Pandemic on the Consulting Industry
EY chief executive Carmine De Sibio wanted to break up the accounting firm because of conflict of interest rules. EY audits about 25% of the biggest companies in the world, which means it can't then consult with them. Project Everest meant that EY's consulting side would be taken public through an initial public offering. If the IPO could deliver a big valuation and the consulting business could then perform well over the next few years, partners with shares in the new company would profit.
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