Beautiful Virgin Islands

Tuesday, Jul 22, 2025

KPMG chief takes swipe at rival EY’s $80bn break-up plan

KPMG chief takes swipe at rival EY’s $80bn break-up plan

In a memo to KPMG partners, Bill Thomas wrote that a break-up of the global accountancy firm would benefit partners at the expense of the next generation".
The global chairman of KPMG has taken a swipe at the $80bn break-up being hatched by rival EY, implying that such a radical restructuring would be akin to an act of corporate vandalism.

Sky News has obtained part of a memo sent by Bill Thomas to partners at the firm, reiterating KPMG's commitment to retaining the multidisciplinary business model which comprises both audit and consulting services.

Distributed earlier this month, it was written after reports of EY's plans to separate the two divisions, with the non-audit side of the business becoming a publicly listed company.

Mr Thomas told partners that the longevity of KPMG's existing structure was one of its major attributes.

"We are a partnership that has been strong and growing in some countries for over 150 years," he wrote.

"Our culture fuels this growth and stability.

"Our responsibility is to leave the firm better than we found it for those who come after us - we are stewards of the business for our mentees and the next generation.

"This is the very fabric of who we are.

"To monetize the goodwill of our firm that has been created for over a hundred years, at the expense of the next generation, would be entirely contrary to our culture."

Sources said that the board of KPMG's Global network had also discussed the issue at a meeting this month, with a determination that it would retain its present structure even in the event that the other members of the big four followed EY's lead.

That scenario looks implausible, since PricewaterhouseCoopers has said it intends to keep the multidisciplinary model intact, while Deloitte issued a strongly worded rebuttal to a Wall Street Journal article suggesting that it was in the early stages of examining a break-up.

In a public statement, KPMG said it "believes that a multi-disciplinary model brings a range of benefits, such as diverse talent, technology, and global capability, that drives innovation and the highest quality standards across our audit, tax and advisory businesses".

The break-up debate has been fuelled by growing pressure on the world's biggest auditors to extricate themselves from conflicts of interest which have beset the industry in recent years.

EY's break-up is reportedly likely to result in multimillion dollar windfalls for partners, although the WSJ said on Friday that current choppy market conditions could undermine the value of those payouts.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Severe Flooding in South Korea Claims Lives Amid Ongoing Rescue Operations
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
CEO Resigns Amid Controversy Over Relationship with HR Executive
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
US Revokes Visas of Brazilian Corrupted Judges Amid Fake Bolsonaro Investigation
U.S. Congress Approves Rescissions Act Cutting Federal Funding for NPR and PBS
North Korea Restricts Foreign Tourist Access to New Seaside Resort
Brazil's Supreme Court Imposes Radical Restrictions on Former President Bolsonaro
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Judge Criticizes DOJ Over Secrecy in Dropping Charges Against Gang Leader
Apple Closes $16.5 Billion Tax Dispute With Ireland
Von der Leyen Faces Setback Over €2 Trillion EU Budget Proposal
UK and Germany Collaborate on Global Military Equipment Sales
Trump Plans Over 10% Tariffs on African and Caribbean Nations
Flying Taxi CEO Reclaims Billionaire Status After Stock Surge
Epstein Files Deepen Republican Party Divide
Zuckerberg Faces $8 Billion Privacy Lawsuit From Meta Shareholders
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
SpaceX Nears $400 Billion Valuation With New Share Sale
Microsoft, US Lab to Use AI for Faster Nuclear Plant Licensing
Trump Walks Back Talk of Firing Fed Chair Jerome Powell
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Irish Tech Worker Detained 100 days by US Authorities for Overstaying Visa
Dimon Warns on Fed Independence as Trump Administration Eyes Powell’s Succession
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Jeff Bezos Considers Purchasing Condé Nast as a Wedding Gift
Ghislaine Maxwell Says She’s Ready to Testify Before Congress on Epstein’s Criminal Empire
Bal des Pompiers: A Celebration of Community and Firefighter Culture in France
FBI Chief Kash Patel Denies Resignation Speculations Amid Epstein List Controversy
Air India Pilot’s Mental Health Records Under Scrutiny
Google Secures Windsurf AI Coding Team in $2.4 Billion Licence Deal
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
South African Police Minister Suspended Amid Organised Crime Allegations
Nvidia CEO Claims Chinese Military Reluctance to Use US AI Technology
Hong Kong Advances Digital Asset Strategy to Address Economic Challenges
Australia Rules Out Pre‑commitment of Troops, Reinforces Defence Posture Amid US‑China Tensions
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
U.S. Resumes Deportations to Third Countries After Supreme Court Ruling
Excavation Begins at Site of Mass Grave for Children at Former Irish Institution
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
×