EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.
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Last year EY set out a strong and compelling rationale for the future of our organization, which would address the changing needs of clients, our industry and other stakeholders. While we remain committed to that vision and those goals, we are stopping work on Project Everest, which set out to separate the EY businesses.
We have always acknowledged the complexity of this ambition, but recognizing the challenges raised in recent months we are now unable to proceed.
In the immediate term, we will continue the focus on providing exceptional service to clients, and driving long term value for our people and businesses. We will also take actions based on what we have learned over the past year.