Ernst & Young Launches Investment Banking Division

Big Five firm Ernst & Young has launched a new corporate finance division, called Ernst & Young Corporate Finance LLC. Staffed by more than 200 bankers, the division is spread over 14 offices nationwide with headquarters in New York.

Ernst & Young Corporate Finance will advise on transactions in the $50 million to $1 billion range, emphasizing services in the areas of mergers and acquisitions, divestitures, spin-offs, joint ventures, leveraged recapitalizations, and debt and equity refinancing.

Six industry groups will be targeted, including technology; communication and entertainment; automotive and industrial products; consumer industries; health sciences; financial services; and energy, chemicals, and utilities.

Referring to the fact that the corporate finance group will limit its focus to mid-sized transactions and stay clear of competing for the multi-billion dollar transactions, Peter Griffith, president and chief executive of the new E&Y unit said, "We think that market has been abandoned. There is a lot of room in that mid-sized transaction area for good, solid platforms focusing on great execution and industries."

You may like these other stories...

Here's a CPA who truly walks the walk. On March 15, Frank Ryan, CPA, departed San Diego, California, with plans to be in Ocean City, Maryland, by July 2 to teach a course at the Maryland Association of CPAs’ (MACPA...
When Theodore J. Flynn first joined the Massachusetts Society of CPAs (MSCPA) in 1970, it was a different world and a different profession.  The "Big Eight" were still headquartered in Boston. Vietnam War...
Accountant Rickey Charles Goodrich had it a little too good. Many bean counters would kill to serve as financial guru to the likes of Pearl Jam. Goodrich was hired in 2005, and the following year, he became the CFO of Curtis...

Upcoming CPE Webinars

Jul 24
In this presentation Excel expert David Ringstrom, CPA revisits the Excel feature you should be using, but probably aren't. The Table feature offers the ability to both boost the integrity of your spreadsheets, but reduce maintenance as well.
Jul 31
In this session Excel expert David Ringstrom helps beginners get up to speed in Microsoft Excel. However, even experienced Excel users will learn some new tricks, particularly when David discusses under-utilized aspects of Excel.
Aug 5
This webcast will focus on accounting and disclosure policies for various types of consolidations and business combinations.