Capgemini's global director of strategy Pierre Yves Cros said that one of its clients 'was not happy' to work with CGE&Y because the client was audited by Ernst & Young, despite there being no connection between the consultancy firm and the auditors.

However the closeness of both names worried Capgemini's client because it could have been perceived as a conflict of interest.

Cros also said that Capgemini shareholders were not happy last year with the company having a suffix that was the same as accountancy firm Ernst & Young, due to the image of the accountancy profession as a whole at the time.

However he confirmed that without Ernst & Young Capgemini would not have won its latest deal revealed today - a $3.5bn, 10-year contract to provide US energy company TXU with business process services and information technology solutions.

Under the agreement, 2,700 employees will move from TXU to newly-formed Capgemini Energy. The new company is 97% owned by Capgemini, with the rest owned by TXU.

Capgemini Energy will provide services to TXU, and serve as a vehicle for offering technology and business process services to other companies in the US electric, gas and water utility industry.

'We are excited to be TXU's partner as they take a bold step into the future with this innovative and collaborative approach to extending their business services,' said Chell Smith, Americas CEO of Capgemini.