StephenFoleyFT @stephenfoleyft.bsky.social · 02/12/2025Follow me on LinkedIn. Pausing posts on other social media sites for the time being. www.linkedin.com/in/stephen-f...linkedin.com 010
StephenFoleyFT @stephenfoleyft.bsky.social · 24/11/2025The law firm that represented Sam Bankman-Fried and Ghislaine Maxwell bids to become one of the first in the U.S. to take private equity investment. Scoop with @kayewiggins.ft.com www.ft.com/content/9487...ft.comLaw firm Cohen & Gresser in talks to sell stake to private equityNew York firm that represented Sam Bankman-Fried and Ghislaine Maxwell would be among first to bring in investors 030
StephenFoleyFT @stephenfoleyft.bsky.social · 21/11/2025PwC has flagged the WHSmith profit overstatement to the UK’s accounting watchdog, which is now weighing whether to launch an investigation of the auditor. www.ft.com/content/acbf...ft.comPwC flagged WHSmith profit overstatement to accounting watchdogUK Financial Reporting Council weighing opening probe into Big Four firm 040
StephenFoleyFT @stephenfoleyft.bsky.social · 12/11/2025Will private equity be able to buy big US law firms, and who will be the first to sell? The boss of a top 20 law firm tells the FT: “We are constantly approached and we always listen to new ideas.” www.ft.com/content/3a9d...ft.comUS law firm McDermott Will & Schulte weighs sector’s first private equity tie-upNovel restructuring by one of the country’s biggest legal practices could test ethics rules 010
StephenFoleyFT @stephenfoleyft.bsky.social · 30/10/2025There's always a rap video! Absolute must-read here on how a flashy Utah leasing firm came to be lending billions to First Brands, full of astonishing detail: www.ft.com/content/f0ae... www.youtube.com/watch?v=rfZG...youtube.comOnset ClosersYouTube video by Onset Financial 030
StephenFoleyFT @stephenfoleyft.bsky.social · 28/10/2025Does $56,968mn round to $56.9bn or $57.0bn? Asking for an accounting firm. www.pwc.com/gx/en/news-r...pwc.com 000
StephenFoleyFT @stephenfoleyft.bsky.social · 23/10/2025RSM creates US-UK accounting tie-up. . . and says other firms in network can join. Story w/ @elleshevakissin. Read our exclusive interview with the CEOs below. www.ft.com/content/91ba...ft.comRSM creates US-UK accounting tie-up and says other firms in network can joinTransatlantic partnership pitched as alternative to bringing in private equity capital 010
StephenFoleyFT @stephenfoleyft.bsky.social · 22/10/2025BDO chief pledges to fight ‘falsehoods’ on First Brands work, says auditor may face years of scrutiny but will take ‘decisive action to protect our reputation’ www.ft.com/content/9b61...ft.comBDO chief pledges fight over ‘falsehoods’ on First Brands workFirm leader says auditor may face years of scrutiny and will take ‘decisive action to protect our reputation’ 000
StephenFoleyFT @stephenfoleyft.bsky.social · 21/10/2025Does the fact that Netflix shares went down 6% tonight and not on August 13, when the Brazilian Supreme Court ruled on the tax matter in dispute, imply that the company's disclosures were incomplete or not understood by investors? www.ft.com/content/3fba...ft.comNetflix shares drop as Brazil tax dispute hits profitsStreamer reports strong revenue growth because of success of films such as ‘KPop Demon Hunters’ 000
StephenFoleyFT @stephenfoleyft.bsky.social · 17/10/2025Deloitte to pay $34mn over audit work on US nuclear fiasco Former shareholders in South Carolina utility said firm failed to spot red flags and allowed management to hide mounting issues www.ft.com/content/f9fc...ft.comDeloitte to pay $34mn over audit work on US nuclear fiascoFormer shareholders in utility said Big Four firm failed to spot red flags and allowed management to hide mounting issues 032
StephenFoleyFT @stephenfoleyft.bsky.social · 15/10/2025The secretive First Brands founder, his $12bn debt and the future of private credit www.ft.com/content/8373...ft.comThe secretive First Brands founder, his $12bn debt and the future of private creditPatrick James borrowed billions — even after presiding over a string of failed businesses 010
StephenFoleyFT @stephenfoleyft.bsky.social · 10/10/2025The Children’s Investment Fund Foundation (CIFF) said it was pausing donations until authorities clarified the “applicable laws and rules” related to the foreign funding of US NGOs. www.ft.com/content/b87f...ft.comChris Hohn’s foundation blames ‘policy environment’ as it stops giving to US charitiesBillionaire hedge fund manager’s CIFF has focused donations on issues such as climate change 010
Reposted by StephenFoleyFTFinancial Times @financialtimes.com · 06/10/2025EY narrows US leadership race to three candidates on.ft.com/3IVouKion.ft.comEY narrows US leadership race to three candidatesBig Four accountancy firm tries to move past turmoil triggered by abandoned split 071
StephenFoleyFT @stephenfoleyft.bsky.social · 07/10/2025“The future of consulting is going to be a hybrid of people plus software — like, a lot of software.” Consultancies must become software companies to survive AI boom, says IBM executive www.ft.com/content/8535...ft.comConsultancies must become software companies to survive AI boom, IBM executive saysIndustry hopes artificial intelligence implementation will reverse two-year period of sluggish growth 031
StephenFoleyFT @stephenfoleyft.bsky.social · 01/10/2025Big 4 getting a reprieve on both sides of the Atlantic, it seems. www.ft.com/content/e0ce...ft.comUK accounting watchdog to ease its probes of audit firmsFRC’s proposals follow sustained complaints from the industry about lengthy investigations 022
StephenFoleyFT @stephenfoleyft.bsky.social · 01/10/2025Deloitte’s global revenue growth picks up despite sluggish performance in Europe www.ft.com/content/77f7...ft.comDeloitte’s global revenue growth picks up despite sluggish performance in EuropeBig Four accounting firm reports robust demand for its advice to companies on strategy 010
StephenFoleyFT @stephenfoleyft.bsky.social · 30/09/2025Deloitte’s UK business just reported its first decline in annual revenue in 15 years, but partner payouts increased as the firm cut costs. www.ft.com/content/d3aa...ft.comDeloitte UK’s revenues fall for first time in 15 yearsBut partners’ payouts rise to £1.05mn each as the Big Four accounting firm embarks on cost cutting 010
StephenFoleyFT @stephenfoleyft.bsky.social · 29/09/2025Grant Thornton’s private equity-backed US business has agreed to buy sister firms in France, Spain and Belgium, dealing a blow to its UK rival in their battle to consolidate the world’s seventh largest accounting network. www.ft.com/content/63fa...ft.comGrant Thornton US buys sister firms in France, Spain and BelgiumPE-backed North American business beats UK rival to consolidate global accounting network 000
StephenFoleyFT @stephenfoleyft.bsky.social · 25/09/2025“We are exiting on a compressed timeline people where reskilling, based on our experience, is not a viable path for the skills we need.” $ACN Accenture cuts workforce by 11,000, targets staff that cannot be retrained for age of AI www.ft.com/content/a74f...ft.comAccenture to ‘exit’ staff that cannot be retrained for age of AIGroup details $865mn restructuring programme and outlook reflecting sluggish corporate demand for consulting projects 020
StephenFoleyFT @stephenfoleyft.bsky.social · 18/09/2025BCG to train staff on ‘humanitarian principles’ after Gaza outcry www.ft.com/content/a02f...ft.comBCG to train staff on ‘humanitarian principles’ after Gaza outcryConsulting group revamps internal processes after condemnation for work on Palestinian relocation proposal 041
StephenFoleyFT @stephenfoleyft.bsky.social · 17/09/2025"Make IPOs great again." And make the plaintiffs bar sweat. SEC allows public companies to block investors from class-action lawsuits. www.ft.com/content/5a41...ft.comSEC allows public companies to block investors from class-action lawsuitsChair Paul Atkins pledges to ‘make IPOs great again’ as US regulator fulfils deregulation drive 010
StephenFoleyFT @stephenfoleyft.bsky.social · 17/09/2025PwC’s Middle Eastern growth engine has stalled, according to figures just out in the UK www.ft.com/content/4846...ft.comPwC UK cuts jobs as revenue growth slows sharplyBig Four firm forced to take ‘tough decision to reduce roles in some areas’ amid slowdown following pandemic-era boom 020
StephenFoleyFT @stephenfoleyft.bsky.social · 11/09/2025"Aspiration’s failure is the result of loose underwriting standards colliding with the celebrity affinity for social justice efforts, creating conditions for a financial debacle." Story by @sindap.bsky.social www.ft.com/content/ec3e...ft.comAspiration Partners’ collapse leaves trail of losses from Hollywood to Wall StreetFintech lured investors with progressive causes but now faces scrutiny over payments to basketball star 010
StephenFoleyFT @stephenfoleyft.bsky.social · 10/09/2025Grant Thornton Germany picks UK over US as accounting network consolidation accelerates www.ft.com/content/4f44...ft.comCinven takes majority stake in Grant Thornton GermanyDeal comes less than a year after private equity group bought into accounting network’s UK business 000
Reposted by StephenFoleyFTMiranda Green @greenmirandahere.bsky.social · 04/09/2025www.ft.com/content/c133...ft.comThe last interview with Giorgio ArmaniIn an exclusive conversation published the weekend before his death, the designer looked back at five decades in business, while friends including Richard Gere, Donatella Versace and Renée Zellweger p... 031
StephenFoleyFT @stephenfoleyft.bsky.social · 13/08/2025"When people talk about decline in this country, this article is what they mean." ⬆️Most recommended comment on this piece by @robarmstrong.bsky.social, in which he argues it's time to consider shorts in the office www.ft.com/content/183d...ft.comWhy it’s time to consider shorts in the officeIt’s getting hotter — and men need to rethink the way they dress for work 2103
StephenFoleyFT @stephenfoleyft.bsky.social · 13/08/2025Meanwhile, over in the UK… Traffic-light’ dashboard lets PwC monitor office attendance ft.com/content/0aa1...ft.com‘Traffic-light’ dashboard lets PwC monitor office attendanceBig Four firm checks building pass swipes and WiFi connections to address ‘persistent and deliberate non-compliance’ 020
StephenFoleyFT @stephenfoleyft.bsky.social · 29/07/2025Bain & Co shuts South Africa consulting business after corruption scandal www.ft.com/content/cdbd...ft.comBain & Co shuts South Africa consulting business after corruption scandalAdvisory group’s Johannesburg office to become ‘a services hub supporting global operations’ 032
StephenFoleyFT @stephenfoleyft.bsky.social · 23/07/2025McKinsey bars China practice from generative AI work amid geopolitical tensions. www.ft.com/content/9907...ft.comMcKinsey bars China practice from generative AI work amid geopolitical tensionsConsulting firm’s move follows scrutiny from Washington over US companies’ involvement in sensitive Chinese sectors 010
StephenFoleyFT @stephenfoleyft.bsky.social · 15/07/2025BREAKING: Public Company Accounting Oversight Board (PCAOB) chair Erica Williams is OUT. Paul Atkins, chair of the Securities and Exchange Commission, asked her to resign and her last day will be July 22. www.ft.com/content/8167...ft.comChief US audit regulator pushed out by Trump’s new SEC chairErica Williams told staff at the Public Company Accounting Oversight Board that Atkins asked her to resign 000
StephenFoleyFT @stephenfoleyft.bsky.social · 25/06/2025The Netherlands this time. Big Four firms fined in new exam cheating scandal www.ft.com/content/aa27...ft.comBig Four firms fined in new exam cheating scandalDutch arms of Deloitte, PwC and EY pay total of $8.5mn after ‘hundreds’ of staff shared answers on internal tests 120
Reposted by StephenFoleyFTFinancial Times @financialtimes.com · 23/06/2025Have questions on the market, inflation or the 'Taco trade'? Unhedged's Robert Armstrong wants to hear from you. Join him on Reddit today for an 'Ask Me Anything': on.ft.com/44snQMc 1144
StephenFoleyFT @stephenfoleyft.bsky.social · 20/06/2025Did the Senate parliamentarian just save the credit markets? She's nixed a 'big beautiful bill' measure that would have defunded the Office of Financial Research. Its data underpins SOFR, the interest rate used for $$trillions of debt. So, phew, I guess. www.ft.com/content/f577...ft.comUS Republicans’ plan to eliminate audit watchdog violates Senate rulesRuling deals blow to the party’s deregulatory agenda as it works to pass its tax and spending bill 120
StephenFoleyFT @stephenfoleyft.bsky.social · 18/06/2025BCG pitched to UNRWA before helping rival Gaza aid plan www.ft.com/content/d5fe...ft.comBCG pitched to UN before helping rival Gaza aid planConsulting group offered pro bono work to UNRWA shortly after Israel’s military campaign began in late 2023 021
StephenFoleyFT @stephenfoleyft.bsky.social · 17/06/2025ABundance Agenda? Era of Bund scarcity is over, says German debt chief www.ft.com/content/9765...ft.comEra of Bund scarcity is over, says German debt chiefFinance agency board member points to major change in Eurozone’s core sovereign bond market 000
StephenFoleyFT @stephenfoleyft.bsky.social · 15/06/2025Accountants and lawyers team up to fight Trump tax provision www.ft.com/content/9395...ft.comAccountants and lawyers team up to fight Trump tax provisionProfessional services groups say they are unfairly targeted in Republicans’ ‘big, beautiful bill’ 000
StephenFoleyFT @stephenfoleyft.bsky.social · 23/05/2025Former McKinsey partner jailed for deleting emails on US opioid work www.ft.com/content/5e76...ft.comFormer McKinsey partner jailed for deleting emails on US opioid workMartin Elling to serve six months in prison after admitting to destroying documents related to efforts to boost sales 020
StephenFoleyFT @stephenfoleyft.bsky.social · 20/05/2025Deloitte UK scoop incoming from my colleague, Ellesheva Kissin: The firm has told its UK consulting employees that it will promote fewer of them, limit their annual pay rise and cut bonuses after the business "fell materially short of its performance goals". www.ft.com/content/d323...ft.comDeloitte to cut UK bonuses, pay rises and promotionsProfits for Big Four firm come in ‘below our original plan’, says internal memo 003
StephenFoleyFT @stephenfoleyft.bsky.social · 16/05/2025Really helpful explainer here by Michael Rapoport on the delicate interplay between the Loper Bright ruling and the new tax bill news.bloombergtax.com/payroll/gops...news.bloombergtax.comGOP’s Tax Package Grapples With Impact of Loper Bright RulingCongressional tax writers are taking steps to head off any future legal challenges to their new tax bill, but it’s a delicate balancing act. 100
StephenFoleyFT @stephenfoleyft.bsky.social · 15/05/2025EY delays start dates for some of this year's graduate intake in the US. It's the third year in a row the firm has done this, making it an outlier among the Big Four. www.ft.com/content/815e...ft.comEY delays start dates for consulting recruits for third year in a rowDecision comes as Big Four group grapples with ‘uncertain’ market conditions 273
Reposted by StephenFoleyFTMercedes Ruehl @mjruehl.bsky.social · 14/05/2025He “couldn’t let go — if these scandals hadn’t happened he would still be here”: the battle by World Economic Forum founder Klaus Schwab to save his legacy. With @stephenfoleyft.bsky.social www.ft.com/content/011d...ft.comDownfall in Davos: Klaus Schwab fights for legacy after WEF whistleblower claimsOusted head of World Economic Forum battles impropriety allegations and second probe into his conduct in a year 102
StephenFoleyFT @stephenfoleyft.bsky.social · 13/05/2025Are IOUs from the taxman worth the paper they are not written on? www.ft.com/content/9820...ft.comThe tax IOU problem lurking in company accountsShareholders need to examine how companies account for controversial tax positions 000
StephenFoleyFT @stephenfoleyft.bsky.social · 10/05/2025Big news in the footnotes to Uber’s latest quarterly accounts. The ride-sharing app has won a multimillion-pound reprieve on disputed UK tax payments, after the odds shifted in its favor in a £1.4bn VAT battle. www.ft.com/content/d12f...ft.comUber wins multimillion-pound reprieve on disputed UK tax paymentsHMRC has stopped demanding ridesharing company pay VAT on the full cost of rides after legal setback in related matter 001
StephenFoleyFT @stephenfoleyft.bsky.social · 02/05/2025KPMG resigns as auditor to scandal-hit P&O Ferries www.ft.com/content/c8b5...ft.comKPMG resigns as auditor to scandal-hit P&O FerriesBig Four accountant says factors behind delayed 2022 accounts remain 000
StephenFoleyFT @stephenfoleyft.bsky.social · 01/05/2025PCAOB chair Erica Williams tells me that Republicans' plan to axe her regulator could damage audit quality not just in the US but all around the world. Interview here: www.ft.com/content/6c5d...ft.comAccounting regulator says ending oversight would damage global audit qualityRepublican plan to abolish board would hamper inspections in countries from China to the EU, argues PCAOB chair 000
StephenFoleyFT @stephenfoleyft.bsky.social · 30/04/2025Trump Media’s auditor was booted from a US accountancy group after taking the president’s business as a client last year, a lawsuit claims $DJT www.ft.com/content/9b26...ft.comTrump Media auditor says it was wrongly booted from US accountancy groupSemple, Marchal & Cooper’s decision to take Donald Trump’s company as a client led to showdown, lawsuit claims 000
StephenFoleyFT @stephenfoleyft.bsky.social · 29/04/2025Deloitte and EY are going o be neighbors www.wsj.com/real-estate/...wsj.comExclusive | Deloitte Commits to Massive Swath of Prime Manhattan Office SpaceThe accounting firm’s deal to lease nearly three-quarters of Related’s new tower shows the renewed strength of the ultra high-end office market 000
StephenFoleyFT @stephenfoleyft.bsky.social · 26/04/2025Republicans plan to scrap the US audit regulator, the PCAOB, that was set up after the Enron scandal www.ft.com/content/d8a0...ft.comRepublicans plan to scrap US audit regulatorProposal to fold the Public Company Accounting Oversight Board into the SEC will boost Donald Trump’s deregulatory agenda 001
StephenFoleyFT @stephenfoleyft.bsky.social · 25/04/2025PwC has ordered nearly 300 US partners to cut ties with a tiny brokerage offering speculative small-cap investments. It's a ruling that has caused consternation at the highest levels of the firm. www.ft.com/content/7525...ft.comPwC partners ordered to cut ties with brokerage after internal investigationRuling alarms senior executives of the accountancy, who touted their access to lucrative and hard-to-find investments 000
StephenFoleyFT @stephenfoleyft.bsky.social · 25/04/2025Scammers are using a deepfake video of our columnist Martin Wolf. Why, he asks, is Meta not doing more? www.ft.com/content/80d9...ft.comPlaying ‘whack-a-mole’ with Meta over my fraudulent avatarsHow is it possible that a company with such huge resources, including artificial intelligence tools, cannot deal with this? 22613