Ernst & Young will split its consulting and auditing businesses, The Wall Street Journal reported Sept. 8.
The company predicts the consulting side will achieve greater success without the conflict-of-interest elements of its auditing business.
After company leadership announced its decision, Ernst & Young's estimated 13,000 partners will now have to vote on the split. Multimillion-dollar payouts to these partners are expected if the split is approved.
Voting is slated to take place in late 2022 or early 2023.