Follow me on LinkedIn. Pausing posts on other social media sites for the time being. www.linkedin.com/in/stephen-f...
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StephenFoleyFT
@stephenfoleyft.bsky.social
US accounting editor, Financial Times www.ft.com/stephen-foley
The law firm that represented Sam Bankman-Fried and Ghislaine Maxwell bids to become one of the first in the U.S. to take private equity investment. Scoop with @kayewiggins.ft.com www.ft.com/content/9487...
Law firm Cohen & Gresser in talks to sell stake to private equity
New York firm that represented Sam Bankman-Fried and Ghislaine Maxwell would be among first to bring in investors
ft.com
PwC has flagged the WHSmith profit overstatement to the UK’s accounting watchdog, which is now weighing whether to launch an investigation of the auditor. www.ft.com/content/acbf...
PwC flagged WHSmith profit overstatement to accounting watchdog
UK Financial Reporting Council weighing opening probe into Big Four firm
ft.com
Will private equity be able to buy big US law firms, and who will be the first to sell? The boss of a top 20 law firm tells the FT: “We are constantly approached and we always listen to new ideas.” www.ft.com/content/3a9d...
US law firm McDermott Will & Schulte weighs sector’s first private equity tie-up
Novel restructuring by one of the country’s biggest legal practices could test ethics rules
ft.com
There's always a rap video! Absolute must-read here on how a flashy Utah leasing firm came to be lending billions to First Brands, full of astonishing detail: www.ft.com/content/f0ae... www.youtube.com/watch?v=rfZG...
Onset Closers
YouTube video by Onset Financial
youtube.com
Does $56,968mn round to $56.9bn or $57.0bn? Asking for an accounting firm. www.pwc.com/gx/en/news-r...
pwc.com
RSM creates US-UK accounting tie-up. . . and says other firms in network can join. Story w/ @elleshevakissin. Read our exclusive interview with the CEOs below. www.ft.com/content/91ba...
RSM creates US-UK accounting tie-up and says other firms in network can join
Transatlantic partnership pitched as alternative to bringing in private equity capital
ft.com
BDO chief pledges to fight ‘falsehoods’ on First Brands work, says auditor may face years of scrutiny but will take ‘decisive action to protect our reputation’ www.ft.com/content/9b61...
BDO chief pledges fight over ‘falsehoods’ on First Brands work
Firm leader says auditor may face years of scrutiny and will take ‘decisive action to protect our reputation’
ft.com
Does the fact that Netflix shares went down 6% tonight and not on August 13, when the Brazilian Supreme Court ruled on the tax matter in dispute, imply that the company's disclosures were incomplete or not understood by investors? www.ft.com/content/3fba...
Netflix shares drop as Brazil tax dispute hits profits
Streamer reports strong revenue growth because of success of films such as ‘KPop Demon Hunters’
ft.com
Deloitte to pay $34mn over audit work on US nuclear fiasco Former shareholders in South Carolina utility said firm failed to spot red flags and allowed management to hide mounting issues www.ft.com/content/f9fc...
Deloitte to pay $34mn over audit work on US nuclear fiasco
Former shareholders in utility said Big Four firm failed to spot red flags and allowed management to hide mounting issues
ft.com
The secretive First Brands founder, his $12bn debt and the future of private credit www.ft.com/content/8373...
The secretive First Brands founder, his $12bn debt and the future of private credit
Patrick James borrowed billions — even after presiding over a string of failed businesses
ft.com
The Children’s Investment Fund Foundation (CIFF) said it was pausing donations until authorities clarified the “applicable laws and rules” related to the foreign funding of US NGOs. www.ft.com/content/b87f...
Chris Hohn’s foundation blames ‘policy environment’ as it stops giving to US charities
Billionaire hedge fund manager’s CIFF has focused donations on issues such as climate change
ft.com
“The future of consulting is going to be a hybrid of people plus software — like, a lot of software.” Consultancies must become software companies to survive AI boom, says IBM executive www.ft.com/content/8535...
Consultancies must become software companies to survive AI boom, IBM executive says
Industry hopes artificial intelligence implementation will reverse two-year period of sluggish growth
ft.com
Big 4 getting a reprieve on both sides of the Atlantic, it seems. www.ft.com/content/e0ce...
UK accounting watchdog to ease its probes of audit firms
FRC’s proposals follow sustained complaints from the industry about lengthy investigations
ft.com
Deloitte’s global revenue growth picks up despite sluggish performance in Europe www.ft.com/content/77f7...
Deloitte’s global revenue growth picks up despite sluggish performance in Europe
Big Four accounting firm reports robust demand for its advice to companies on strategy
ft.com
Deloitte’s UK business just reported its first decline in annual revenue in 15 years, but partner payouts increased as the firm cut costs. www.ft.com/content/d3aa...
Deloitte UK’s revenues fall for first time in 15 years
But partners’ payouts rise to £1.05mn each as the Big Four accounting firm embarks on cost cutting
ft.com
Grant Thornton’s private equity-backed US business has agreed to buy sister firms in France, Spain and Belgium, dealing a blow to its UK rival in their battle to consolidate the world’s seventh largest accounting network. www.ft.com/content/63fa...
Grant Thornton US buys sister firms in France, Spain and Belgium
PE-backed North American business beats UK rival to consolidate global accounting network
ft.com
“We are exiting on a compressed timeline people where reskilling, based on our experience, is not a viable path for the skills we need.” $ACN Accenture cuts workforce by 11,000, targets staff that cannot be retrained for age of AI www.ft.com/content/a74f...
Accenture to ‘exit’ staff that cannot be retrained for age of AI
Group details $865mn restructuring programme and outlook reflecting sluggish corporate demand for consulting projects
ft.com
BCG to train staff on ‘humanitarian principles’ after Gaza outcry www.ft.com/content/a02f...
BCG to train staff on ‘humanitarian principles’ after Gaza outcry
Consulting group revamps internal processes after condemnation for work on Palestinian relocation proposal
ft.com
"Make IPOs great again." And make the plaintiffs bar sweat. SEC allows public companies to block investors from class-action lawsuits. www.ft.com/content/5a41...
SEC allows public companies to block investors from class-action lawsuits
Chair Paul Atkins pledges to ‘make IPOs great again’ as US regulator fulfils deregulation drive
ft.com
PwC’s Middle Eastern growth engine has stalled, according to figures just out in the UK www.ft.com/content/4846...
PwC UK cuts jobs as revenue growth slows sharply
Big Four firm forced to take ‘tough decision to reduce roles in some areas’ amid slowdown following pandemic-era boom
ft.com
"Aspiration’s failure is the result of loose underwriting standards colliding with the celebrity affinity for social justice efforts, creating conditions for a financial debacle." Story by @sindap.bsky.social www.ft.com/content/ec3e...
Aspiration Partners’ collapse leaves trail of losses from Hollywood to Wall Street
Fintech lured investors with progressive causes but now faces scrutiny over payments to basketball star
ft.com
Grant Thornton Germany picks UK over US as accounting network consolidation accelerates www.ft.com/content/4f44...
Cinven takes majority stake in Grant Thornton Germany
Deal comes less than a year after private equity group bought into accounting network’s UK business
ft.com
"When people talk about decline in this country, this article is what they mean." ⬆️Most recommended comment on this piece by @robarmstrong.bsky.social, in which he argues it's time to consider shorts in the office www.ft.com/content/183d...
Why it’s time to consider shorts in the office
It’s getting hotter — and men need to rethink the way they dress for work
ft.com
Meanwhile, over in the UK… Traffic-light’ dashboard lets PwC monitor office attendance ft.com/content/0aa1...
‘Traffic-light’ dashboard lets PwC monitor office attendance
Big Four firm checks building pass swipes and WiFi connections to address ‘persistent and deliberate non-compliance’
ft.com
Bain & Co shuts South Africa consulting business after corruption scandal www.ft.com/content/cdbd...
Bain & Co shuts South Africa consulting business after corruption scandal
Advisory group’s Johannesburg office to become ‘a services hub supporting global operations’
ft.com
McKinsey bars China practice from generative AI work amid geopolitical tensions. www.ft.com/content/9907...
McKinsey bars China practice from generative AI work amid geopolitical tensions
Consulting firm’s move follows scrutiny from Washington over US companies’ involvement in sensitive Chinese sectors
ft.com
BREAKING: Public Company Accounting Oversight Board (PCAOB) chair Erica Williams is OUT. Paul Atkins, chair of the Securities and Exchange Commission, asked her to resign and her last day will be July 22. www.ft.com/content/8167...
Chief US audit regulator pushed out by Trump’s new SEC chair
Erica Williams told staff at the Public Company Accounting Oversight Board that Atkins asked her to resign
ft.com