August 21, 2018

Here’s Your Open Thread for EY Compensation Discussions (2013)

The time has finally come for employees of all Black and Yellow stripes to discuss their financial satisfaction (or lack thereof) for this year. 

There's seems to have been quite a bit of EY-centered discussions this summer, everything from prolific Twitter accounts to news of a lot fewer audit clients to their PCAOB inspection report that was one of the worst we've ever seen from a Big 4 firmOh! And there was a re-branding that brought on a lot of awkward results in Google Images.  

I imagine some people would like the opportunity to talk about affects them in their pants in a slightly different way than some of the strapping lads from EY! so this post shall serve as that opportunity. 

It's our understanding that discussions will continue through next week, so there's plenty of time for everyone to work themselves into an adequate lather should your discussion be a few days off. But for those of you that have had your chat already, we don't want to leave you hanging, especially if you've already considered taking drastic action.

Best of luck, sexEY boys (and girls). 

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Ernst & Young Is Here to Help (For a Small Fee)!

ernst_young.jpgWe thought that Ernst & Young was advising the New York Fed on the winding down of AIG out of the goodness of their hearts but it turns out it’s actually about the money.
E&Y could make as much as $60 million advising the New York Fed, which is 50% more than the initial agreement, according to Bloomberg. The NYF is also reimbursing E&Y for expenses, up to 10% of the professional fees. This occurs after the parties had initially said $40 million would be the cap but $60 mil is it, we swear, no more.
And because E&Y is solid like that, the firm is billing out partners and directors at discounted rates ($775/hour). I mean, ’cause, let’s face it, this thing’s a mess and E&Y is going to be working hard, working late, working weekends.
Ernst & Young’s Maximum Pay for AIG Advice Swells [Bloomberg]