Core Viewpoint - Four partners have departed from EY due to potential breaches in the audit of Shell, leading to Shell's decision to switch auditors from EY to PricewaterhouseCoopers (PwC) starting in 2027 [1][1]. Group 1: Departure of Partners - Four partners left EY in December as the firm sought to manage the repercussions of compliance failures related to its audit of Shell [1][1]. - Among those who left was Gary Donald, who was the lead auditor for Shell, and another partner who had recently been promoted to EY's top ranks [1][1]. Group 2: Shell's Auditor Transition - Shell has selected PwC as its new auditor after a tender process, which will take effect in 2027, following the breaches identified in EY's audit practices [1][1]. - In a regulatory filing from July, Shell indicated that EY had violated rules mandating a change of the lead audit partner every five to seven years [1][1]. Group 3: Regulatory Investigation - The Financial Reporting Council in the UK has initiated an investigation into EY's audit of Shell's 2024 financial statements due to potential violations of audit partner rotation rules [1][1].

In the evolving landscape of digital finance, Big Four consultancy firm EY has zeroed in on what it believes is the next defining frontier: wallets. Wallets are fast becoming the critical interface for the next era of financial services, not just tools for holding cryptocurrency, according to Mark Nichols, principal at EY. “The wallet is the strategy,” Nichols who co-leads the firm’s digital assets consulting business, told CoinDesk in an interview. “Who owns the wallet, who provisions the wallet, will ...

Group 1 - ServiceNow (NYSE: NOW) stock is facing pressure along with the overall software sector due to investor concerns about AI technology potentially rendering software solutions obsolete across companies [1] - ServiceNow asserts that its software solutions are enhanced with AI capabilities, positioning itself as a leader in the evolving software landscape [1]

Core Insights - IBM has launched a global request for proposals (RFP) for the next cohort of the IBM Impact Accelerator, focusing on AI for transformative education and workforce development [1][4] - The widening gap between education and employer needs is highlighted, with 67% of executives noting that job roles are becoming shorter-lived, and by 2030, 57% expect most current employee skills to be obsolete [2][3] - The initiative aims to support organizations that leverage AI to enhance learning, upskilling, and job placement in response to rapid economic changes driven by AI [3][4] Group 1: Program Details - The IBM Impact Accelerator invites nonprofits and government organizations to collaborate on solutions that improve learning effectiveness and career transitions [1][3] - Selected organizations will receive a two-year, pro bono technology and implementation grant, including access to IBM's AI technologies and support from its ecosystem [5] - The RFP is open for submissions until March 25, 2026, with eligibility criteria available on the IBM Impact Accelerator webpage [6] Group 2: Economic Context - The U.S. economy incurs an estimated cost of $1.1 trillion annually due to slow transitions between education and work [2] - Many education and workforce institutions lack the necessary data infrastructure and tools to adapt to the fast-paced changes in the labor market [3] - The program aims to address these systemic challenges by supporting innovative projects that apply AI to education and workforce preparation [4][5] Group 3: IBM's Commitment - Launched in 2022, the IBM Impact Accelerator is part of a broader commitment to invest up to $45 million over five years to support communities facing environmental and economic challenges [7] - The program has already supported 25 organizations, benefiting approximately 2.5 million people across various sectors [7]

Prudential Financial’s asset management business in India has received acquisition proposals from at least two domestic firms, reported Bloomberg citing sources. Groww Asset Management, backed by State Street Investment Management, and Edelweiss Asset Management have each submitted bids for PGIM India Asset Management, the unnamed sources said. These individuals noted that discussions are still in progress and no agreement has been reached. Earlier this month, Bloomberg reported that PGIM is considerin ...

Core Insights - Omnicom has appointed Jantzen Bridges as Global President of Credera, aiming to enhance its enterprise transformation consultancy capabilities, particularly in AI-enabled transformation programs [1][3] - The company is expanding its services to help clients modernize organizations, optimize marketing and sales execution, and drive revenue growth [1][2] Company Overview - Omnicom is recognized as the world's leading marketing and sales company, focusing on intelligent growth through its Connected Capabilities that integrate various agency brands and expertise [6] - Credera, as Omnicom's enterprise transformation consultancy, specializes in designing data, cloud, technology, and operating solutions to enhance marketing and customer experiences [2][5] Leadership and Experience - Jantzen Bridges brings over 20 years of experience in leading high-growth businesses at global consulting firms, having worked with Fortune 500 clients on technology-enabled transformations [3][4] - Her approach emphasizes aligning business strategy, technology, and people to achieve sustained performance and integrated operating models [4][5] Strategic Positioning - Omnicom is positioned to meet the evolving needs of clients who require assistance in redesigning data platforms and technology strategies in an AI-driven environment [3][5] - The appointment of Bridges is seen as a reinforcement of Credera's role as a strategic partner for executives rethinking growth and operations [5]

Financial Data and Key Metrics Changes - Q4 subscription revenues reached $3.466 billion, growing 19.5% year-over-year in constant currency, exceeding guidance by 150 basis points [31] - Free cash flow margin for the full year 2025 was 35%, up 350 basis points year-over-year, and total free cash flow was $4.6 billion, up 34% year-over-year [38] - Operating margin was 31%, 100 basis points above guidance, driven by top-line outperformance and operational efficiencies [37] Business Line Data and Key Metrics Changes - Net new ACV growth accelerated both quarter-over-quarter and year-over-year, with 244 deals greater than $1 million in net new ACV closed in Q4 [33] - Emerging product areas, including Now Assist, Workflow Data Fabric, Raptor, and CPQ, all outperformed in Q4 [31] - Now Assist surpassed $600 million in ACV, tracking well towards a $1 billion-plus target for 2026 [36] Market Data and Key Metrics Changes - Transportation and logistics led growth with net new ACV growing over 80% year-over-year, followed by business and consumer services at over 70% [32] - The public sector, including federal and state/local, showed significant growth, with global government business up 80% year-over-year [60][61] - The number of customers contributing $20 million or more in ACV rose over 30% year-over-year [34] Company Strategy and Development Direction - The company aims to be the AI-defining enterprise software company of the 21st century, focusing on integrating AI into workflows for business reinvention [14] - ServiceNow's strategy includes opportunistic M&A to expand into a larger total addressable market (TAM), now beyond $600 billion [12] - The company emphasizes organic growth, having achieved significant milestones without relying on M&A for revenue [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand environment, noting that customers are looking for platforms that deliver positive ROI and simplify operations [48][49] - The company anticipates 20% subscription revenue growth for 2026, with a strong pipeline and increasing customer demand for integrated AI solutions [10][39] - Management highlighted the importance of AI in driving efficiencies and improving operational resilience across customer deployments [36] Other Important Information - The company announced a $5 billion share repurchase authorization, with an immediate $2 billion accelerated share repurchase program [14][39] - Monthly active users grew 25%, indicating strong engagement with the platform [9] - The company is integrating new acquisitions, Armis and Veza, into its existing platform to enhance security and operational capabilities [74] Q&A Session Questions and Answers Question: What are the tailwinds and headwinds in the demand environment? - Management noted that while there are legacy systems that burden companies, there is a strong demand for platforms that deliver cross-functional AI capabilities, leading to a robust pipeline [48][49] Question: How did the federal business perform in Q4? - Despite the government shutdown, the federal business saw significant deals and a strong pipeline, with public sector growth expected to continue into 2026 [60][61] Question: What is the outlook for gross margins? - Management indicated that while there are temporary headwinds due to strategic moves towards hyperscalers, overall margins are expected to improve as these deals scale [65]

Core Insights - Fintech firm Brex's plan to sell itself for over $5 billion may indicate a trend in the upcoming year, reflecting a broader sentiment among U.S. CEOs regarding mergers and acquisitions [1] Group 1: Mergers and Acquisitions Sentiment - A recent EY survey indicates that 62% of 320 U.S. CEOs plan to actively pursue M&A deals in the next 12 months, a significant increase from 35% in a similar survey conducted in September 2025 [2][3] - The overall global sentiment shows that 53% of all surveyed CEOs intend to pursue M&A this year, with American CEOs being more optimistic [3] Group 2: Strategic Investment Adjustments - 85% of U.S. CEOs have modified their strategic investment plans due to geopolitical and trade policy developments, with 46% accelerating planned investments and 39% delaying them [6] - 11% of respondents have completely halted investments due to global tensions, indicating a cautious approach to capital allocation [6] Group 3: Preparation for Growth - CFOs are advised to assess capital effectiveness and improve capital efficiency, focusing resources on high-return opportunities while addressing underperforming areas [5] - The need for a tailored approach in capital distribution is emphasized, suggesting a strategic shift in how companies prepare for growth [5][4]

Large UK businesses are seeing their profits eroded by policy changes and rising geopolitical instability, according to research carried out by consultancy firm EY https://t.co/VC7PPP7iqY ...

Executive Appointments - Michelin appointed Bénédicte de Bonnechose as its new finance chief, effective June 1, succeeding Yves Chapot [2] - Ember LifeSciences hired Ann Hyllengren as chief financial officer, previously a senior director at Amgen [3] - AuditBoard named Hugo Doetsch as CFO, who previously served as CFO at Symplr and played a key role in Ping Identity's IPO [4] - CAE announced Ryan McLeod as its next CFO, effective February 23, replacing interim CFO Constantino Malatesta [5] Career Backgrounds - Bénédicte de Bonnechose joined Michelin in April 2019 and has experience in financial roles at Lafarge Group [2] - Ann Hyllengren has 18 years of experience at Amgen, including senior finance leadership roles and oversight of the Amgen Foundation [3] - Hugo Doetsch has held senior leadership roles at multiple companies, including CFO positions at Symplr and NetDocuments [4] - Ryan McLeod has been CFO at ATS since 2020 and has prior experience at CIBC Mellon and EY [5]