KPMG, Ernst & Young Merging

The Florida Times Union, October 21, 1997 | Go to article overview

KPMG, Ernst & Young Merging


Ernst & Young and KPMG Peat Marwick are merging to form the

world's largest accounting and consulting firm, targeting new

business from emerging markets and multi-national corporations.

The companies expect the merger to be completed by the start

of next year. The merged company, which has not yet been named,

will operate in 135 countries.

Both firms have offices in Jacksonville on separate floors

of the Independent Life building downtown, but no decisions have

been made on how the merger will affect them.

KPMG has more than 75 employees in Jacksonville. Ernst &

Young officials in Jacksonville could not be reached yesterday.

The two firms are combining as mergers sweep the

financial-services industry. Banks, brokers, insurers and

accountants are trying to boost profits and slash expenses by

combining.

"The real emphasis now is to service the needs of global

companies wherever they want to go in the world," said Stephen

Butler, chairman and CEO of the U.S. operations of KPMG, who

will be the CEO of the new firm's U.S. operations. "Our clients

require an organization that has greater financial strength and

can deliver a wider array of services and products."

Together, Butler said, the new firm will have the money

needed to invest in technology and in building accounting and

consulting practices in China, the former Soviet Union, Latin

America and Asia.

While the firms separately have seen revenue grow by 20

percent a year, Butler expects the combined company can grow by

30 percent annually.

The new firm will be run by Colin Sharman, who is now

worldwide chairman of KPMG. Michael Henning, currently Ernst &

Young's worldwide chief executive, will be the CEO of the merged

firms. Philip Laskawy, U.S. CEO of Ernst & Young, will be

chairman of the combined U.S. operations. The worldwide

headquarters will be in Amsterdam.

The companies have been in talks since Sept. 25, Sharman said

at a news conference in London. "The timing is, of course,

influenced by the recent announcement of the merger of Price

Waterhouse and Coopers & Lybrand."

The merger will move the new company ahead of industry

leader Andersen Worldwide in terms of both revenue and partners.

KPMG and Ernst & Young had combined revenue of $18.8 billion in

fiscal year 1997 and will have 163,250 employees and 12,800

partners worldwide. Andersen's 1997 revenue is estimated at

$11.3 billion.

The merged firm would also outdistance the combination of

Price Waterhouse and Coopers & Lybrand LLP, whose merger was

announced last month. …

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • A full archive of books and articles related to this one
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

KPMG, Ernst & Young Merging
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

    Already a member? Log in now.