Sign in

StephenFoleyFT

@stephenfoleyft.bsky.social
2.4K followers 158 following 111 posts

US accounting editor, Financial Times www.ft.com/stephen-foley

PostsRepliesMedia
StephenFoleyFT @stephenfoleyft.bsky.social · 02/12/2025
Follow 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 · 24/11/2025
The 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.com
Law firm Cohen & Gresser in talks to sell stake to private equity
New York firm that represented Sam Bankman-Fried and Ghislaine Maxwell would be among first to bring in investors
030
StephenFoleyFT @stephenfoleyft.bsky.social · 21/11/2025
PwC 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.com
PwC flagged WHSmith profit overstatement to accounting watchdog
UK Financial Reporting Council weighing opening probe into Big Four firm
040
StephenFoleyFT @stephenfoleyft.bsky.social · 12/11/2025
Will 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.com
US law firm McDermott Will & Schulte weighs sector’s first private equity tie-up
Novel restructuring by one of the country’s biggest legal practices could test ethics rules
010
StephenFoleyFT @stephenfoleyft.bsky.social · 30/10/2025
There'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.com
Onset Closers
YouTube video by Onset Financial
030
StephenFoleyFT @stephenfoleyft.bsky.social · 28/10/2025
Does $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 · 23/10/2025
RSM 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.com
RSM creates US-UK accounting tie-up and says other firms in network can join
Transatlantic partnership pitched as alternative to bringing in private equity capital
010
StephenFoleyFT @stephenfoleyft.bsky.social · 22/10/2025
BDO 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.com
BDO chief pledges fight over ‘falsehoods’ on First Brands work
Firm leader says auditor may face years of scrutiny and will take ‘decisive action to protect our reputation’
000
StephenFoleyFT @stephenfoleyft.bsky.social · 21/10/2025
Does 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.com
Netflix shares drop as Brazil tax dispute hits profits
Streamer reports strong revenue growth because of success of films such as ‘KPop Demon Hunters’
000
StephenFoleyFT @stephenfoleyft.bsky.social · 17/10/2025
Deloitte 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.com
Deloitte to pay $34mn over audit work on US nuclear fiasco
Former shareholders in utility said Big Four firm failed to spot red flags and allowed management to hide mounting issues
032
StephenFoleyFT @stephenfoleyft.bsky.social · 15/10/2025
The secretive First Brands founder, his $12bn debt and the future of private credit www.ft.com/content/8373...
ft.com
The secretive First Brands founder, his $12bn debt and the future of private credit
Patrick James borrowed billions — even after presiding over a string of failed businesses
010
StephenFoleyFT @stephenfoleyft.bsky.social · 10/10/2025
The 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.com
Chris Hohn’s foundation blames ‘policy environment’ as it stops giving to US charities
Billionaire hedge fund manager’s CIFF has focused donations on issues such as climate change
010
Reposted by StephenFoleyFT
Financial Times @financialtimes.com · 06/10/2025
EY narrows US leadership race to three candidates on.ft.com/3IVouKi
on.ft.com
EY narrows US leadership race to three candidates
Big 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.com
Consultancies must become software companies to survive AI boom, IBM executive says
Industry hopes artificial intelligence implementation will reverse two-year period of sluggish growth
031
StephenFoleyFT @stephenfoleyft.bsky.social · 01/10/2025
Big 4 getting a reprieve on both sides of the Atlantic, it seems. www.ft.com/content/e0ce...
ft.com
UK accounting watchdog to ease its probes of audit firms
FRC’s proposals follow sustained complaints from the industry about lengthy investigations
022
StephenFoleyFT @stephenfoleyft.bsky.social · 01/10/2025
Deloitte’s global revenue growth picks up despite sluggish performance in Europe www.ft.com/content/77f7...
ft.com
Deloitte’s global revenue growth picks up despite sluggish performance in Europe
Big Four accounting firm reports robust demand for its advice to companies on strategy
010
StephenFoleyFT @stephenfoleyft.bsky.social · 30/09/2025
Deloitte’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.com
Deloitte UK’s revenues fall for first time in 15 years
But partners’ payouts rise to £1.05mn each as the Big Four accounting firm embarks on cost cutting
010
StephenFoleyFT @stephenfoleyft.bsky.social · 29/09/2025
Grant 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.com
Grant Thornton US buys sister firms in France, Spain and Belgium
PE-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.com
Accenture to ‘exit’ staff that cannot be retrained for age of AI
Group details $865mn restructuring programme and outlook reflecting sluggish corporate demand for consulting projects
020
StephenFoleyFT @stephenfoleyft.bsky.social · 18/09/2025
BCG to train staff on ‘humanitarian principles’ after Gaza outcry www.ft.com/content/a02f...
ft.com
BCG to train staff on ‘humanitarian principles’ after Gaza outcry
Consulting 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.com
SEC allows public companies to block investors from class-action lawsuits
Chair Paul Atkins pledges to ‘make IPOs great again’ as US regulator fulfils deregulation drive
010
StephenFoleyFT @stephenfoleyft.bsky.social · 17/09/2025
PwC’s Middle Eastern growth engine has stalled, according to figures just out in the UK www.ft.com/content/4846...
ft.com
PwC UK cuts jobs as revenue growth slows sharply
Big 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.com
Aspiration Partners’ collapse leaves trail of losses from Hollywood to Wall Street
Fintech lured investors with progressive causes but now faces scrutiny over payments to basketball star
010
StephenFoleyFT @stephenfoleyft.bsky.social · 10/09/2025
Grant Thornton Germany picks UK over US as accounting network consolidation accelerates www.ft.com/content/4f44...
ft.com
Cinven takes majority stake in Grant Thornton Germany
Deal comes less than a year after private equity group bought into accounting network’s UK business
000
Reposted by StephenFoleyFT
Miranda Green @greenmirandahere.bsky.social · 04/09/2025
www.ft.com/content/c133...
ft.com
The last interview with Giorgio Armani
In 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.com
Why it’s time to consider shorts in the office
It’s getting hotter — and men need to rethink the way they dress for work
2103
StephenFoleyFT @stephenfoleyft.bsky.social · 13/08/2025
Meanwhile, 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 attendance
Big Four firm checks building pass swipes and WiFi connections to address ‘persistent and deliberate non-compliance’
020
StephenFoleyFT @stephenfoleyft.bsky.social · 29/07/2025
Bain & Co shuts South Africa consulting business after corruption scandal www.ft.com/content/cdbd...
ft.com
Bain & Co shuts South Africa consulting business after corruption scandal
Advisory group’s Johannesburg office to become ‘a services hub supporting global operations’
032
StephenFoleyFT @stephenfoleyft.bsky.social · 23/07/2025
McKinsey bars China practice from generative AI work amid geopolitical tensions. www.ft.com/content/9907...
ft.com
McKinsey bars China practice from generative AI work amid geopolitical tensions
Consulting firm’s move follows scrutiny from Washington over US companies’ involvement in sensitive Chinese sectors
010
StephenFoleyFT @stephenfoleyft.bsky.social · 15/07/2025
BREAKING: 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.com
Chief US audit regulator pushed out by Trump’s new SEC chair
Erica Williams told staff at the Public Company Accounting Oversight Board that Atkins asked her to resign
000
StephenFoleyFT @stephenfoleyft.bsky.social · 25/06/2025
The Netherlands this time. Big Four firms fined in new exam cheating scandal www.ft.com/content/aa27...
ft.com
Big Four firms fined in new exam cheating scandal
Dutch arms of Deloitte, PwC and EY pay total of $8.5mn after ‘hundreds’ of staff shared answers on internal tests
120
Reposted by StephenFoleyFT
Financial Times @financialtimes.com · 23/06/2025
Have 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 · 20/06/2025
Did 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.com
US Republicans’ plan to eliminate audit watchdog violates Senate rules
Ruling deals blow to the party’s deregulatory agenda as it works to pass its tax and spending bill
120
StephenFoleyFT @stephenfoleyft.bsky.social · 18/06/2025
BCG pitched to UNRWA before helping rival Gaza aid plan www.ft.com/content/d5fe...
ft.com
BCG pitched to UN before helping rival Gaza aid plan
Consulting group offered pro bono work to UNRWA shortly after Israel’s military campaign began in late 2023
021
StephenFoleyFT @stephenfoleyft.bsky.social · 17/06/2025
ABundance Agenda? Era of Bund scarcity is over, says German debt chief www.ft.com/content/9765...
ft.com
Era of Bund scarcity is over, says German debt chief
Finance agency board member points to major change in Eurozone’s core sovereign bond market
000
StephenFoleyFT @stephenfoleyft.bsky.social · 15/06/2025
Accountants and lawyers team up to fight Trump tax provision www.ft.com/content/9395...
ft.com
Accountants and lawyers team up to fight Trump tax provision
Professional services groups say they are unfairly targeted in Republicans’ ‘big, beautiful bill’
000
StephenFoleyFT @stephenfoleyft.bsky.social · 23/05/2025
Former McKinsey partner jailed for deleting emails on US opioid work www.ft.com/content/5e76...
ft.com
Former McKinsey partner jailed for deleting emails on US opioid work
Martin Elling to serve six months in prison after admitting to destroying documents related to efforts to boost sales
020
StephenFoleyFT @stephenfoleyft.bsky.social · 20/05/2025
Deloitte 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.com
Deloitte to cut UK bonuses, pay rises and promotions
Profits for Big Four firm come in ‘below our original plan’, says internal memo
003
StephenFoleyFT @stephenfoleyft.bsky.social · 16/05/2025
Really 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.com
GOP’s Tax Package Grapples With Impact of Loper Bright Ruling
Congressional 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 · 15/05/2025
EY 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.com
EY delays start dates for consulting recruits for third year in a row
Decision comes as Big Four group grapples with ‘uncertain’ market conditions
273
Reposted by StephenFoleyFT
Mercedes Ruehl @mjruehl.bsky.social · 14/05/2025
He “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.com
Downfall in Davos: Klaus Schwab fights for legacy after WEF whistleblower claims
Ousted head of World Economic Forum battles impropriety allegations and second probe into his conduct in a year
102
StephenFoleyFT @stephenfoleyft.bsky.social · 13/05/2025
Are IOUs from the taxman worth the paper they are not written on? www.ft.com/content/9820...
ft.com
The tax IOU problem lurking in company accounts
Shareholders need to examine how companies account for controversial tax positions
000
StephenFoleyFT @stephenfoleyft.bsky.social · 10/05/2025
Big 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.com
Uber wins multimillion-pound reprieve on disputed UK tax payments
HMRC has stopped demanding ridesharing company pay VAT on the full cost of rides after legal setback in related matter
001
StephenFoleyFT @stephenfoleyft.bsky.social · 02/05/2025
KPMG resigns as auditor to scandal-hit P&O Ferries www.ft.com/content/c8b5...
ft.com
KPMG resigns as auditor to scandal-hit P&O Ferries
Big Four accountant says factors behind delayed 2022 accounts remain
000
StephenFoleyFT @stephenfoleyft.bsky.social · 01/05/2025
PCAOB 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.com
Accounting regulator says ending oversight would damage global audit quality
Republican plan to abolish board would hamper inspections in countries from China to the EU, argues PCAOB chair
000
StephenFoleyFT @stephenfoleyft.bsky.social · 30/04/2025
Trump 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.com
Trump Media auditor says it was wrongly booted from US accountancy group
Semple, Marchal & Cooper’s decision to take Donald Trump’s company as a client led to showdown, lawsuit claims
000
StephenFoleyFT @stephenfoleyft.bsky.social · 29/04/2025
Deloitte and EY are going o be neighbors www.wsj.com/real-estate/...
wsj.com
Exclusive | Deloitte Commits to Massive Swath of Prime Manhattan Office Space
The 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 · 26/04/2025
Republicans plan to scrap the US audit regulator, the PCAOB, that was set up after the Enron scandal www.ft.com/content/d8a0...
ft.com
Republicans plan to scrap US audit regulator
Proposal to fold the Public Company Accounting Oversight Board into the SEC will boost Donald Trump’s deregulatory agenda
001
StephenFoleyFT @stephenfoleyft.bsky.social · 25/04/2025
PwC 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.com
PwC partners ordered to cut ties with brokerage after internal investigation
Ruling alarms senior executives of the accountancy, who touted their access to lucrative and hard-to-find investments
000
StephenFoleyFT @stephenfoleyft.bsky.social · 25/04/2025
Scammers are using a deepfake video of our columnist Martin Wolf. Why, he asks, is Meta not doing more? www.ft.com/content/80d9...
ft.com
Playing ‘whack-a-mole’ with Meta over my fraudulent avatars
How is it possible that a company with such huge resources, including artificial intelligence tools, cannot deal with this?
22613