StephenFoleyFT

Follow me on LinkedIn. Pausing posts on other social media sites for the time being.
www.linkedin.com/in/stephen-f...

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

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...

PwC flagged WHSmith profit overstatement to accounting watchdog UK Financial Reporting Council weighing opening probe into Big Four firm

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...

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...

YouTube video by Onset Financial Onset Closers

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...

Does $56,968mn round to $56.9bn or $57.0bn? Asking for an accounting firm.
www.pwc.com/gx/en/news-r...

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

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...

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’

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...

Netflix shares drop as Brazil tax dispute hits profits Streamer reports strong revenue growth because of success of films such as ‘KPop Demon Hunters’

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...

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

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...

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

The secretive First Brands founder, his $12bn debt and the future of private credit
www.ft.com/content/8373...

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

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...

EY narrows US leadership race to three candidates Big Four accountancy firm tries to move past turmoil triggered by abandoned split

EY narrows US leadership race to three candidates on.ft.com/3IVouKi

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

“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...

UK accounting watchdog to ease its probes of audit firms FRC’s proposals follow sustained complaints from the industry about lengthy investigations

Big 4 getting a reprieve on both sides of the Atlantic, it seems.

www.ft.com/content/e0ce...

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

Deloitte’s global revenue growth picks up despite sluggish performance in Europe www.ft.com/content/77f7...

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

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...

Grant Thornton US buys sister firms in France, Spain and Belgium PE-backed North American business beats UK rival to consolidate global accounting network

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...

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

“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...

BCG to train staff on ‘humanitarian principles’ after Gaza outcry Consulting group revamps internal processes after condemnation for work on Palestinian relocation proposal

BCG to train staff on ‘humanitarian principles’ after Gaza outcry www.ft.com/content/a02f...

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

"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...

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

PwC’s Middle Eastern growth engine has stalled, according to figures just out in the UK

www.ft.com/content/4846...

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

"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...

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

Grant Thornton Germany picks UK over US as accounting network consolidation accelerates

www.ft.com/content/4f44...

The last interview with Giorgio Armani In an exclusive conversation published the weekend before his death, the designer looked back at five decades in business, while friends including Richard Gere, Donatella Versace and Renée Zellweger p...

www.ft.com/content/c133...

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

"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...

‘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’

Meanwhile, over in the UK…

Traffic-light’ dashboard lets PwC monitor office attendance ft.com/content/0aa1...

Bain & Co shuts South Africa consulting business after corruption scandal Advisory group’s Johannesburg office to become ‘a services hub supporting global operations’

Bain & Co shuts South Africa consulting business after corruption scandal www.ft.com/content/cdbd...

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

McKinsey bars China practice from generative AI work amid geopolitical tensions.
www.ft.com/content/9907...

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

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...