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Ernst And Young

All articles tagged with #ernst and young

business1 year ago•4 min saved

Super Micro Faces Turbulence Amid Stock Plunge and Strategic Shifts

Super Micro Computer is facing significant challenges after its auditor, Ernst & Young, resigned due to concerns over financial statements and corporate governance. This follows a Hindenburg Research report alleging accounting manipulation and a U.S. Department of Justice investigation. As a result, analysts have downgraded Super Micro's stock, and Nvidia has shifted some orders to other suppliers. The company's stock has plummeted, and it faces an uphill battle to remain listed on Nasdaq.

via TheStreet|

#business #ernst-and-young #hindenburg-research

business2 years ago•1 min saved

Ernst & Young Implements Major Job Cuts and Delays for New Hires in US Division

Ernst & Young is laying off dozens of partners in its US offices, impacting over 10% of partners in consulting and around 4% in strategy and transactions. The layoffs come as the accounting sector faces declining revenues and after the company abandoned plans to split its auditing and consulting units. This follows similar job cuts by other "Big Four" accounting firms, including KPMG and Deloitte. The move is part of EY's long-term transformation strategy to focus on areas of greatest client needs.

via New York Post |

#accounting-sector #business #declining-revenues

business2 years ago•1 min saved

EY to Lay Off 3000 US Employees to Reduce Overcapacity.

Ernst & Young's U.S. arm is laying off around 3,000 employees, primarily in its consulting business, due to current economic conditions and overcapacity. The decision comes less than a week after the unit's objection led to the cancellation of the global accounting giant's plan to break up its audit and consulting units. The layoffs are part of a wave of job cuts hitting Corporate America after the Federal Reserve's quantitative tightening. Ernst & Young is one of the "Big Four" audit and business advisory firms, along with KPMG, Deloitte, and PwC.

via Fox Business|

#big-four #business #consulting

business2 years ago

EY cancels split plan amid internal dissent and U.S. leadership revolt.

Ernst & Young has halted its plan to break up its business after facing a revolt from its US leaders. The move was part of the company's corporate strategy to split its business into four separate units. However, the US leaders argued that the plan would harm the company's ability to serve clients and compete with rivals.

via The Wall Street Journal|

#breakup-plan #business #corporate-strategy

business2 years ago•0 min saved

EY cancels breakup plan amid internal dissent and announces cost savings initiative.

Ernst & Young has abandoned its plan to split the company into separate accounting and consultancy businesses after facing resistance from U.S. partners. The proposal had been in the works for over a year before being blocked by the partners this spring.

via MarketWatch|

#accounting #breakup-plan #business