Backlash puts EY break-up on hold

EY has put a plan to split its audit and consulting businesses on hold after a backlash from partners at a meeting in New York last night.

Bosses at the Big Four firm shelved plans to put the demerger process to a vote after a meeting of senior partners from its US offices.

the break-up proposal - dubbed Project everest – has been paused while specialist teams attempt to resolve contentions between different factions. eY’s partners at its UK offices are set to be informed on the development at a call today. in the UK, the consultancy must convince three- quarters of its partners to support the proposal.

a ballot had been expected of partners in april or May, although there have been a few postponements of a vote so far.

a spokesman for eY said: ‘We remain committed to the strategic rationale that underpins Project everest and believe that a deal can and should be done.’