Stephen Foley
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Articles by Stephen Foley
PwC global revenue growth trails Deloitte and EY
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PwC revenue growth trails Deloitte and EY
PwC’s revenue growth has lagged its largest Big Four rivals over the past year after a sharp slowdown in Europe and the Middle East...
Private equity group Charlesbank closes one of the biggest law firm deals
Private equity group Charlesbank has made one of the biggest investments to date in a US law firm, ahead of what could be a wave of deals...
Accenture looks to sell Chinese operations for up to $1.5bn
Accenture is working on a potential $1.5bn sale of its operations in China as the world’s largest publicly traded IT consultancy looks to...
La IA amenaza el modelo de Accenture
En un lapso de tres meses, las acciones de Accenture registraron la mayor caída en una sola jornada y la segunda mayor alza diaria desde que la consultora comenzó a cotizar en bolsa, hace un cuarto de siglo. Las oscilaciones reflejan la dificultad de los inversionistas para determinar si la inteligencia artificial (IA) representa una amenaza existencial para la firma de consultoría de tecnologías de la información más grande del mundo o el mayor impulso para su negocio en décadas.
El hombre que podría dirigir McKinsey
En un encuentro de socios sénior de McKinsey celebrado en Copenhague en 2024, el por entonces director financiero, Eric Kutcher, se puso una máscara de receptor de béisbol e invitó a cientos de colegas a lanzarle pelotas antiestrés. Según reconoció él mismo, Kutcher había "fracasado estrepitosamente" a la hora de explicar sus decisiones tras la pandemia, un periodo marcado por un débil desempeño financiero y unos despidos que generaron gran división.
The man who would lead McKinsey
At a 2024 gathering of senior McKinsey partners in Copenhagen, then chief financial officer Eric Kutcher put on a baseball catcher’s mask...
Transcript: France’s Marine Le Pen readies for fight with EU
This is an audio transcript of the FT News Briefing podcast episode: ‘France’s Marine Le Pen readies for fight with EU’ Marc Filippino...
¿Sobrevivirá Accenture o prosperará en la era de la IA?
En tres meses, las acciones de Accenture han registrado la caÃda diaria más pronunciada y la segunda mayor subida diaria desde que la consultora salió a bolsa hace un cuarto de siglo. Estas fuertes oscilaciones reflejan las dudas de los inversores sobre si la IA representa una amenaza existencial para la mayor consultora de TI del mundo o una oportunidad única en una generación.
Will Accenture survive or thrive in the age of AI?
In the space of three months, Accenture’s shares have suffered the steepest one-day fall and their second-largest one-day gain since the...
EY challenges Deloitte in outsourcing as revenue growth accelerates
EY’s global revenue growth accelerated in the past year as the Big Four firm tried to muscle in on rival Deloitte’s territory as a big...
Goldman Sachs and Man Group exposed in EY global data breach
Raiffeisen: a bank committed to you As a responsible cooperative bank, Banque Raiffeisen works every day to address environmental, social and governance (ESG) challenges as part of its strategic priorities.
Goldman Sachs and Man Group exposed in EY data breach
Clients of Goldman Sachs’ wealth management division and UK-listed hedge fund Man Group are among the victims of a major data breach at...
KPMG general counsel retires after Australia whistleblower scandal
KPMG on Thursday announced the departure of its global general counsel, who attracted scrutiny for her handling of whistleblower...
Accenture shares surge as consultancy confounds AI fears
Accenture shares jumped almost 16 per cent after the world’s largest publicly traded consulting group said its revenues could accelerate...
Auditor RSM explores IPO to ward off private equity-backed rivals
RSM, one of the world’s largest accounting firms, is exploring a possible initial public offering as a wave of consolidation transforms...
Se están revirtiendo las reformas de auditoría posteriores al caso Enron
Todo apunta a que Estados Unidos conmemorará el 25.º aniversario del colapso de Enron suavizando las normativas que se introdujeron para evitar que algo asà volviera a ocurrir. El gigante energético pasó de ser una de las mayores empresas del mundo a la quiebra en cuestión de meses durante 2001, al revelarse que habÃa ocultado su situación financiera mediante prácticas contables cuestionables.
The post-Enron auditor reforms are being rolled back
The US looks set to mark the 25th anniversary of the collapse of Enron by watering down regulations put in place to prevent it happening Upgrade to read this Financial Times article and get so much more. A Silver or Gold subscription plan is required to access premium news articles.
The post-Enron auditor reforms are being rolled back
The US looks set to mark the 25th anniversary of the collapse of Enron by watering down regulations put in place to prevent it happening...
Deloitte’s tech consulting arm curbs global revenue growth
Deloitte’s tech consulting business was the slowest-growing division at the Big Four firm in the past year even as it invested heavily in...
Private equity could revolutionise US lawyer pay, law firm bosses say
Private equity investment could usher in a revolution in how US lawyers are paid, according to the bosses of a law firm that has struck...
Trump’s regulatory rollback puts $400mn in US audit fees at risk
US accounting firms are fighting to save more than $400mn in fees that could be at risk if a Securities and Exchange Commission proposal...
Nobel economists throw support behind California billionaire tax
A group of progressive Nobel Prize-winning economists has joined the fray in California’s battle over what would be the first wealth tax...
PwC shakes up Indian operations as AI threat looms over consulting sector
PwC is to merge large parts of its India operations in a bid to expand offshore consulting work and better grapple with the impact of AI,...
Prosecutors seize €65mn from McKinsey in French tax fraud probe
French and Belgian prosecutors have seized €65mn from McKinsey as part of a long-running inquiry into alleged tax fraud involving the US...
KPMG warned Guggenheim unit over deficiencies in internal controls
KPMG warned Guggenheim Partners about weak controls within its business last year, identifying strains in Mark Walter’s empire months...
A vital tenet of US equity markets is under threat
If it hadn’t been specifically demanded by Donald Trump, a proposal by US regulators to allow companies to scrap quarterly reporting...
Los consultores se enfrentan a sus propios clientes por la IA
Los consultores se enfrentan a sus clientes por el coste de los megaproyectos informáticos, a medida que las empresas recurren a la inteligencia artificial para recortar el gasto en asesores externos.. Empresas de todo el mundo señalaron que están exigiendo tarifas reducidas o trasladando tareas a sus propios equipos internos, con la ayuda de nuevas herramientas y software de IA que requieren una menor integración.
Consultants head for an AI showdown — with their own clients
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Consultants are on a collision course with their clients over the cost of giant IT projects, as companies look to AI to cut spending on...
By Stephen Foley Verified, Patrick Temple-West Verified, Gregory Meyer Verified, Florian Muller Verified
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Financial Times
Verified
Transcript: AI’s big threat to consulting
This is an audio transcript of the FT News Briefing podcast episode: ‘AI’s big threat to consulting’ Victoria Craig Hey everyone,...
What does the Evergrande case mean for the Big Four?
The liquidators of China Evergrande have won the right to take an $8.5bn negligence claim against PwC beyond the Big Four firm’s Hong...
Deloitte will pay the US government $21.5mn to settle claims that its diversity practices were discriminatory and broke federal contracting laws as the Trump administration continues its crackdown on corporate hiring practices.
Liquidators can pursue PwC globally over Chinese property giant’s collapse, court rules
Liquidators of the collapsed Chinese property group Evergrande can pursue PwC globally for audit failings, a judge has ruled, in a case...
Deloitte to pay Trump administration $21.5mn to settle ‘discriminatory’ practices investigation
Deloitte will pay the US government $21.5mn to settle claims that its diversity practices were discriminatory and broke federal...
US audit regulator scraps investor advocate role as Trump-era revamp accelerates
The US audit watchdog is shutting down a division set up to advocate for shareholders in a move that underscores a switch of focus under...
Charlesbank nears law firm deal as private equity pushes deeper into US legal sector
Charlesbank is in advanced talks to acquire a stake in the law firm WSHB in a $700mn transaction that would mark one of private equity’s...
EY vaults from bottom to top of Big Four US audit quality league table
EY has shed its status as the Big Four accounting firm with the worst record in US audit inspections, vaulting to lead the regulator’s...
Biggest US law firms explore selling stakes to private equity
Several top US law firms have explored selling stakes in their businesses to private equity groups without triggering rules that bar...
Grant Thornton seals accounting sector’s largest takeover in a generation
Grant Thornton is buying rival CBIZ for $5bn in cash in the largest takeover in the accounting sector in a generation, vaulting it to...
PwC publicó informes de 'liderazgo intelectual' plagados de alucinaciones de la IA
PwC publicó informes sobre IA y vehÃculos eléctricos plagados de notas a pie de página falsas, afirmaciones mal atribuidas e información no verificable, siendo el ejemplo más reciente del uso chapucero de contenido generado por IA por parte de una firma de las Big Four.
PwC published reports on AI marred by AI hallucinations
PwC published reports on AI and electric vehicles riddled with fake footnotes, misattributed claims and unverifiable information, the...
Transcript: The Big Tech earnings dilemma
This is an audio transcript of the FT News Briefing podcast episode: ‘The Big Tech earnings dilemma’ Marc Filippino Hey guys, it’s Marc...
US Treasury sends warning to hedge funds over ‘tax alpha’ strategies
The US Treasury on Tuesday said it would examine the explosive growth of strategies used by hedge funds to help clients lower their tax...
Reclaiming physician career meaning before you retire
I remember medical school orientation clearly. I was excited, nervous, confident, and full of self-doubt, all of it wrapped up in a kind of nervous energy. I had a clear vision of what my life would look like. I would finish medical school, complete residency, and practice primary care back in my hometown.
Why doctors need to be in the marketing room
A patient came to me worried she was going to lose twenty-five pounds in the next month. Even on tirzepatide, what would make her think that? She’d only lost five pounds in the first two months. She said the marketing that brought her in had promised her thirty pounds in three months. So I explained the truth: the body does not save up its losses and then spend them in a lump sum. Thirty was never a guarantee. It was never even a real number.
A wealth tax in America? Not if Silicon Valley’s billionaires have their way
“They’ll never even notice.” Besides a giant map of California and a “Billionaire Tax Now” poster in his Oakland office, across the bay...
Billionaires who fled California wealth tax risk intrusive residency audit
Tech entrepreneurs and investors who claim to have left California to avoid a proposed “billionaire tax” should expect an intrusive...
China Evergrande liquidators warn PwC partners not to use divorce to shield assets
Liquidators of property developer China Evergrande have told PwC partners in Hong Kong that they could pursue them personally for any...
US regulator’s change of tack comes with risk of obscuring audit flaws
The US audit regulator is “reclaiming the voice of the profession”, according to its new chair. That makes some investors nervous.
‘The brakes failed and they’ve crashed the car’: how the Big Four’s wheels fell off Down Under
A senator who did the books for her family’s earthmoving business as a teenager has become the bête noire of the Big Four auditing and consulting firms in Australia. Deborah O’Neill has led the charge against KPMG in Australia over a client confidentiality scandal that prompted the departure of the firm’s chair, chief executive, chief operating officer, audit leader and a senior partner over the past month.
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