FT News Briefing EY’s new leader has her work cut out for her
Nov 17, 2023
Many low-income UK households are feeling the pinch, struggling with mortgage bills amid rising interest rates. Alibaba's recent decision to abandon its cloud business spin-off has disappointed investors, reflecting broader challenges in the Chinese tech market. The discussion also centers around Janet Truncale, EY's new leader, as she steps into a complex environment with significant internal challenges and strategic decisions to navigate. This evolving landscape of consulting firms raises important questions about future practices and competitiveness.
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Alibaba's Struggles
- Alibaba's stock dropped nearly 10% after abandoning plans to spin off its cloud business.
- This reflects weakening investor confidence in China's growth story and the struggles of Chinese tech companies.
Impact of Rising Rates
- Low-income UK mortgage holders are struggling due to rising interest rates.
- Many are falling behind on bills and cutting back on necessities like food and clothing.
EY's New Leadership
- EY's new CEO, Janet Truncale, faces the challenge of uniting the firm after a failed split.
- She must also navigate the difficult consulting landscape, especially concerning conflicts of interest with audit clients.