EY Breakup Plan Doomed by Miscalculations and Powerful Opponents
For months, Ernst & Young’s top leaders characterized their planned breakup of the firm as almost inevitable. All that was left were some adjustments around the edges and votes by partners in dozens of countries.They missed a brewing revolt at the firm’s biggest operation, where EY’s top leader and the architect of the breakup had deep ties. A handful of U.S. partners, prodded by a vocal group of EY retirees, scuttled the deal. EY on Tuesday abandoned its plan to break up the 390,000-person firm into separate…