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Hi, I need a referral for an internship
in Financial Advisory Team
Valuation, M&A, FDD, or Financial
Consulting - at Big 4 in Germany,
can anyone help me?
I did my bachelor's degree at the
University of Mannheim.
I would appreciate any kind of
support and advice.
I'm not above reaching out to alumni
directly via Linkedln, but l'd prefer to
bug as few as possible. So if you
want to help, guide, or mentor,
please pm me.
PwC Deloitte KPMG EY
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I’d imagine doubling the number of audit restricted clients would cut into the consulting revenue pretty significantly. Not sure I see a ton of synergies/efficiencies from combining 2 firms other than some of the back office and technology costs but maybe I’m missing something
KPMG has basically said they don’t need people anymore for audits soon so I imagine their base is likely shrinking into mid market. They are already half the size of the others. One will buy them up or it’ll be sold off in chunks to whatever emerges from the PE consolidation. That’ll likely create top end market consolidation at 3. Plausible 5 year scenario: Ey is most conflicted from tech partnerships - so its consulting will lag behind Deloitte. Deloitte also has deep gov consulting. PWC is top tier in banking audits. Maybe pwc takes KPMG banks and gov. Deloitte takes whatever is KPMG consulting/tax. EY buys up a mid tier?
Where/When did KPMG say they don’t need ppl anymore for Audit?
The big answer here is regulators in major markets likely wouldn't let them. Many are already uncomfortable with only four large accounting firms. There has previously been talk in some countries (UK being one example) of actually doing the reverse and splitting them up.
It would also be hideously complex given some of the complexity of the ownership structures across the network and partner politics involved. EY is a good example of what can happen there.