When news broke last year that EY was planning to split its businesses, it was seen as a move that could reshape the accounting industry. The bold plan was given an equally grand name, “Project Everest”. But after months of negotiations from within the firm, and despite the support of the global leadership, the plan recently fell apart. FT’s US accounting editor Stephen Foley and accountancy correspondent Michael O’Dwyer explain why that shakeup didn’t happen.

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For further reading:

EY risks paralysis and a power vacuum after break-up failure

Julie Boland: the EY leader in the middle of a ‘civil war’

EY to cut 3,000 jobs in US to eliminate ‘overcapacity’

EY: embarrassing climbdown calls future strategy into question

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On Twitter, follow Stephen Foley (@stephenfoley) and Michael O’Dwyer (@_MODwyer)

Read a transcript of this episode on FT.com

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How EY’s Project Everest collapsed 18:23 Share

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How EY’s Project Everest collapsed