Backgrounder: E&Y merger
E&Y reveal a centralised bonus pool for the newly integrated firm
Mark Otty
The news that Ernst & Young will operate with a single bonus pool has
placed more meat on the bones of the restructuring announced back in
June.
At the time the firm announced that 86 countries in the Ernst & Young
network across Europe, the Middle, India and Africa would join in a new
integrated
unit managed a single board with the new UK chairman Mark Otty at its head.
The firm followed that with a matter of weeks by announced the appointment of
282
new partners across the new grouping.
Recent statements from Otty suggest that the firm will now no longer break
out its UK figures for reporting. In the latest
Accountancy
Age Top 50 survey the firm was earning £1.2bn, placing it fourth and making
it the smallest by some way among the Big Four firms.
In the US it is a very different story for the firm where it is the second
largest ahead of PricewaterhouseCoopers and KPMG with revenues of $7.5bn,
according to
Accounting
Today, an issue that many observers believe may have been a factor in the
decision to integrate the rest of the world into one business.