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  • News - EY - Europe's bankers predict low returns and increased job losses in 2015 - EY - Global
    economy has evaporated and with it their hopes for a return to strong growth Staff costs account for just over half the industry s operating costs and so against this background and the pressure being put on banks by regulators and shareholders the expectation of further job losses is sadly realistic ROE expectations look overoptimistic Bankers expectations for cost reduction and revenue growth look more positive than last year Costs are expected to fall by an average of 1 57 more than three times the cost reduction expected last year and revenue growth is expected to average 3 46 which also exceeds last year s predictions The respondents hope this will deliver a 1 6 improvement in ROE but EY analysis shows that it would only improve average ROE by 0 8 Lewis says Improving ROE for the European banks is proving difficult Whereas the US banks are now delivering 12 15 return even growth of 1 6 which would bring average ROE to 4 35 is looking unlikely in Europe This highlights the real issue here how far the European banks are from covering their cost of capital which averages 9 4 EY analysis suggests that European banks would need to reduce costs by 21 and grow revenues simultaneously by 15 just to achieve their average cost of capital 9 4 To illustrate how far from this European banks are banks in Austria are expecting to cut costs the most and they are not expecting to cut costs by more than 6 banks in the Netherlands are expecting to increase revenue the most and they are expecting on average to grow revenues by 5 Reduced optimism for growth hits expectations for pay Remuneration has been an area of intensifying regulatory and investor focus This year fewer banks now expect pay to rise and more expect overall pay to fall than last year Notably although 5 expected aggregate pay to increase by more than 8 in 2014 none do this year but 7 expect pay to fall by 8 or more However with just 16 of European respondents seeing the development of new remuneration systems as a key priority any cut in pay has to be seen as a response to market pressure and continued low growth rather than an attempt to structurally transform incentives across the industry The pace of job losses is set to increase everywhere other than in the UK The pace of job cuts is expected to rise in 2015 to levels last seen in 2013 Staff costs remain about 54 of the sector s operating costs With the industry anticipating further restructuring and requiring additional cost reduction to achieve profitability targets further job losses remain inevitable Forty three percent of bankers expect headcount to fall this year The greatest losses are expected in the Nordics Italy and Austria The UK is the only market where more hiring than firing is anticipated Lending to SMEs to increase but construction and real estate to struggle to borrow

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/news-EY-europes-bankers-predict-low-returns-and-increased-job-losses-in-2015 (2016-02-10)
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  • News - EY - Top business leaders and elite female athletes connect through global mentoring program - EY - Global
    visualize the path forward to pursue these top positions not only in the corporate world but as entrepreneurs government and not for profit leaders This is why EY s Women Athletes Business Network mentoring program is so powerful By helping athletes understand how they can translate their unique skills gained through sport into impactful positions outside of sport our IWF mentors can light the way and help shape these inspiring women into influential future leaders Marilyn Johnson CEO International Women s Forum says The International Women s Forum IWF is dedicated to building better global leadership and is proud to collaborate with EY to support and mentor the first ever cohort of the Women Athletes Business Network WABN This strategic alliance will help guide and nurture these rising women leaders through an important professional transition These talented women are transferring the same spirit of dedication and determination they successfully applied in athletic competitions to the next phase of their careers and the IWF members will serve as phenomenal mentors and are committed to being a part of that journey Olympic champion and lead advisor to the EY Women Athletes Business Network Donna de Varona says Female athletes are often uniquely equipped to become impactful leaders Connecting accomplished women athletes with the world s most pre eminent women outside the sporting community can only enhance the talent pool of those who are eager to lead and make a positive impact for women in business For the first time in Olympic history all the participating countries at the London 2012 Olympic Games had female athletes with almost 45 female participation overall The Women Athletes Business Network mentoring program can help this growing pool of women make successful transitions to the business world after sport At EY we are determined to do our part to accelerate women s progress in the workplace In January we launched Women Fast forward which unifies into one global accelerator our numerous programs and initiatives including WABN designed to advance women so we can employ our collective knowledge experiences and convening power to push ourselves further and to help accelerate the achievement of global gender parity Ends Notes to editors About EY EY is a global leader in assurance tax transaction and advisory services The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over We develop outstanding leaders who team to deliver on our promises to all of our stakeholders In so doing we play a critical role in building a better working world for our people for our clients and for our communities EY refers to the global organization and may refer to one or more of the member firms of Ernst Young Global Limited each of which is a separate legal entity Ernst Young Global Limited a UK company limited by guarantee does not provide services to clients For more information about our organization please visit ey com About Women Fast Forward Women s

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/news-ey-top-business-leaders-and-elite-female-athletes-connect-through-global-mentoring-program (2016-02-10)
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  • News - EY is named a leader by IDC MarketScape for its business consulting in Asia-Pacific - EY - Global
    SGM Initial public offering Venture capital Family business services Transactions About Transaction Advisory Services Corporate Development Divestiture Advisory Services Lead Advisory Operational Transaction Services Restructuring Strategy Services Transaction Support Transaction Tax Valuation Business Modelling Specialty Services Climate Change and Sustainability Services CertifyPoint China Overseas Investment Network Family Business Services French Business Network Global Business Network Japan Business Services Careers Students The EY difference Your role here Your development Life at EY Joining EY Global Delivery Network Experienced Advisory Assurance Tax Transactions Industries The EY difference Your development Life at EY Joining EY Global Delivery Network Alumni Home Newsroom EY is named a leader by IDC MarketScape for its business consulting in Asia Pacific EY is named a leader by IDC MarketScape for its business consulting in Asia Pacific London 6 March 2015 Newsroom News releases PR contacts PR activities Analyst relations Fact and figures Share EY announces today that it has been named a leader for its business consulting services in this year s IDC MarketScape Asia Pacific Business Consulting Services 2015 Vendor Assessment doc 254319 February 2015 Clients in the Asia Pacific region regard EY to be the most capable of all firms at helping them transform significant processes integrating its own project team with that of the client and transferring knowledge to the client EY is also highly regarded in maximizing project value using appropriate analytics and meeting deadlines all areas in which the company is seen as among the most capable firms Paul Clark EY s Advisory Managing Partner Asia Pacific says We are honored to be named a leader for our business consulting services in Asia Pacific Against a backdrop of dynamic disrupted and unpredictable markets EY is helping to build a better working world in Asia Pacific by working with clients to solve their biggest most complex industry issues We are delighted that our clients are recognizing the sustainable outcomes that our work is delivering for their businesses Our significant investment in consulting capabilities from strategy through technology customer through supply chain and digital through cybersecurity is helping bring the full strength of EY s global experience to clients in this region Cushing Anderson Vice President Business Consulting Services IDC says The IDC MarketScape has assessed EY as a leader for its business consulting services in Asia Pacific based on client feedback capability and strategy This IDC MarketScape is a quantitative and qualitative assessment of the characteristics that explain a vendor s success in the marketplace A significant and unique component of the evaluation is the inclusion of business consulting buyers perception of both the key characteristics and the capabilities of consulting providers Ends About EY EY is a global leader in assurance tax transaction and advisory services The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over We develop outstanding leaders who team to deliver on our promises to all of our stakeholders In so doing we play a critical role in

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News-EY-is-named-a-leader-by-IDC-MarketScape-for-its-business-consulting-in-Asia-Pacific (2016-02-10)
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  • News - EY - Global real estate fund sector facing widespread disruption as demand funding and administration evolve - EY - Global
    demand throughout the real estate markets investors are clamoring for new deals and sending prices higher Cross border investment could be leading to US real estate asset bubble M A stays hot Fund managers dealing with increased regulation Businesses are looking for leaner more streamlined operations leading them to seek out smaller office spaces in an effort to minimize overhead costs However online and major retailers are increasingly building large distribution centers around the US as consumers have become accustomed to convenient access to products and shorter delivery times These two trends are joined by a wave of urban revitalization in which generations from millennials to baby boomers seeking to live work and play in the same environment leave small towns and suburbs for growing cities Follow the money Amid these changes cross border capital is pouring into US real estate as the country s economy recovers more rapidly than other markets But the sharp rise in popularity of this asset class has raised concerns of a bubble similar to the one that messily exploded following major investments by Japanese investors in the 1980s However EY believes there are several fundamental differences between now and then Mark Grinis EY s Global Real Estate Fund Services Leader said If we look at history market collapses have always been preceded by deteriorating economic fundamentals and stress factors like overdevelopment and rising vacancy rates So far there is little evidence of these precursors What s more industry players have moved carefully along the risk spectrum which is why we have not seen an excessive amount of development or movement in markets that lack significant economic drivers M A trending higher With demand for attractive investments growing deal flow has remained strong although at higher prices than since the financial downturn The recent surge of M A activity appears reminiscent of 2007 after several consecutive years of improving confidence in the global economy In general M A is stimulated by three factors A desire for incremental growth Strategic merit of transactions Availability of debt and equity on favorable terms Grinis said All of the key elements that drive M A are in place to support the development of a healthier climate for deal making Whether M A will eventually top the 2007 peak is unknown but a key difference is the discipline with which capital is expanding into new territories Capital marked for the real estate markets may once again be abundant but the way it is channeled continues to reflect lessons learned since the financial crisis New rules The European Securities and Markets Authority ESMA and other regulatory bodies in the EU are pushing for stricter definitions on performance metrics and fair value reporting There are concerns in the fund sector that this will put downward pressure on returns For example the Organisation for Economic Co operation and Development OECD with support from a majority of G20 finance ministers is widening its focus on base erosion and profit sharing BEPS EY says in

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News-EY-global-real-estate-fund-sector-facing-disruption-as-demand-funding-administration-evolve (2016-02-10)
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  • News - EY continues to be a member of United Nations Global Compact - EY - Global
    Policy and Controversy Transaction Tax VAT GST and Other Sales Taxes Transfer Pricing and Operating Model Effectiveness Strategic Growth Markets How we help Entrepreneurship EY SGM Initial public offering Venture capital Family business services Transactions About Transaction Advisory Services Corporate Development Divestiture Advisory Services Lead Advisory Operational Transaction Services Restructuring Strategy Services Transaction Support Transaction Tax Valuation Business Modelling Specialty Services Climate Change and Sustainability Services CertifyPoint China Overseas Investment Network Family Business Services French Business Network Global Business Network Japan Business Services Careers Students The EY difference Your role here Your development Life at EY Joining EY Global Delivery Network Experienced Advisory Assurance Tax Transactions Industries The EY difference Your development Life at EY Joining EY Global Delivery Network Alumni Home Newsroom EY continues to be a member of United Nations Global Compact EY continues to be a member of United Nations Global Compact London 4 March 2015 Newsroom News releases PR contacts PR activities Analyst relations Fact and figures Share EY a proud member of the United Nations Global Compact UNGC today shares its progress report for 2014 Our vision values and impact The report details how EY is upholding the UNGC s 10 principles of labour human rights environment and anti corruption Mark Weinberger EY Global Chairman and CEO says Our commitment to the UNGC reflects our ongoing efforts to work with our clients our profession and our communities to tackle the world s most pressing problems EY s purpose is to build a better working world Every day our people promote increased trust and confidence in global markets and sustainable growth in everything they do Nicky Major EY Global Corporate Sustainability Leader says EY has been a signatory of the UNGC since 2009 and we are proud of our progress in making a difference around its 10 principles We know that by collaborating with the UNGC the world s largest corporate citizenship company we can deliver lasting benefits for all of our communities Over the last 12 months EY has continued to support the UNGC s principles as outlined in Our vision values and impact To learn more please download the full report www ey com UNGC Ends About EY EY is a global leader in assurance tax transaction and advisory services The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over We develop outstanding leaders who team to deliver on our promises to all of our stakeholders In so doing we play a critical role in building a better working world for our people for our clients and for our communities EY refers to the global organization and may refer to one or more of the member firms of Ernst Young Global Limited each of which is a separate legal entity Ernst Young Global Limited a UK company limited by guarantee does not provide services to clients For more information about our organization please visit ey com This news release has been issued

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News-EY-continues-to-be-a-member-of-united-nations-global-compact (2016-02-10)
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  • News - EY - Navigating volatility, implementing technological initiatives and securing right talent - EY - Global
    Fact and figures Share Top automotive executives across the globe are facing significant business challenges as they look to achieve growth and competitive advantage for their companies According to Changing lanes 2015 16 the automotive C suite s agenda the third annual survey by EY s Global Automotive and Transportation sector executives are concerned about their ability to respond effectively to emerging market Eurozone and political volatility implement key operational initiatives and attract and retain talent 88 do not have confidence to implement data and analytics initiatives 88 feel unprepared to attract and retain talent and 80 feel unprepared to respond to volatility Based on a global survey of 125 respondents including C suite automotive executives and senior EY partners the report reveals the top five C suite priorities for the next 18 months These are 1 Navigating volatility Volatility is expected to continue with emerging market demand and political instability topping the list of concerns Sixty three percent of respondents are facing problems due to demand slowdown in emerging markets and concerns about the Eurozone Eighty percent feel their organizations are unprepared to respond to such situations effectively 2 Enhancing value proposition There is consensus 71 of respondents on the value of advanced vehicle features and functionality connectivity driver assistance and powertrain to help drive loyalty with 39 feeling well prepared to meet the needs of the customers There also is a greater recognition of the critical role of delivering seamless digital in store experiences and leveraging online resources to influence choice to be critical to win and retain customers Seventy one percent of the respondents expect demand for digital experience to support their value proposition However only 13 of respondents feel well prepared to leverage digital to improve the customer experience 3 Gaining competitive advantage Market penetration and expansion owning innovation and having an effective corporate strategy development process top the list of strategic initiatives for C suites to drive competitive advantage However 73 feel their organizations are not sufficiently prepared to implement strategic initiatives to gain competitive advantage The report adds that it is important for C suite to bridge the gap by establishing a network of technology and business model partners within and outside the auto industry to improve agility of innovation processes optimize digital strategies customer analytics tools and first movers will need to make the most of a shorter window to capitalize on differentiation whether from market segment expansion or innovative marketing strategies 4 Improving operational efficiency Eighty four percent of respondents cite a strong focus on data management and analytics initiatives as critical to drive operational efficiency and thereby enhance financial performance However only 12 portrayed confidence in their organization s ability to execute 5 Securing access to resources Sixty three percent of respondents believe critical resources can offer a competitive advantage they also see these as necessary for business continuity Talent topped the list of critical resources followed by capital infrastructure and technology However securing these resources continues to be a challenge

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News-EY-navigating-volatility-implementing-technological-initiatives-and-securing-right-talent (2016-02-10)
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  • News - EY - Increase in divestments expected as buyers circle assets - EY - Global
    weren t looking to divest they would be willing to sell at a premium in the range of 10 to 20 and a third would go below 10 Divesting in order to grow For many companies divestments are a key path to achieving growth and 74 of respondents used funds from their most recent divestment for growth Specifically 34 reinvested the funds back into the core business 23 invested in new products markets or geographies and 17 made an acquisition The financial benefits of divestments are undeniable considering 66 of companies saw an increased valuation multiple in the remaining business after their last asset sale To stay competitive many companies seek the flexibility necessary for growth by stripping down to their core strengths and offerings Forty six percent of executives initiated their most recent divestment because the assets were not part of their core business Pip McCrostie Global Vice Chair Transaction Advisory Services TAS EY says Reallocating capital from non core to core business and core business adjacencies will be the name of the game in 2015 Mega trends such as sector convergence technological change cloud computing and digital are causing companies to continually assess their core businesses and value chains The result may lead to an unprecedented level of portfolio turnover Activist shareholders driving divestment activity Shareholders demands will continue to be a major divestment driver this year Forty five percent of participants indicate that investor activism influenced their most recent decision to divest Paul Hammes Global Divestiture Advisory Services Leader EY says Shareholder activists are bolder than they have ever been and they leave no stone unturned in their hunt for untapped value Divestments will continue to be fueled not only by activists demands but as a result of management teams preemptive portfolio reviews and ongoing portfolio fine tuning Thorough preparation is a must The study revealed that while many executives follow best practices for portfolio review 58 acknowledge that they do not conduct reviews frequently enough and 56 report that better industry benchmarks would improve their review process At the same time 55 indicate that business analytics would make their portfolio assessment more effective Companies whose divestments resulted in higher valuation multiples on their remaining business were 58 more likely to have used strong analytic tools than lower performing companies Hammes says Without diligent frequent portfolio reviews that involve concrete data and advanced analytics companies make themselves vulnerable to shareholder activists More importantly executives wind up leaving money on the table if they do not prepare for a sale properly and deliberately Old growth strategies are no longer appropriate Hammes says As the global economy settles into its new growth pattern the winners will be companies that recognize when their old growth strategies are no longer appropriate and make informed decisions tied to portfolio rebalancing Across industries our survey found that half of executives say that closing deals quickly and with certainty is more important than waiting longer to secure a higher price However speed and value

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/news-EY-increase-in-divestments-expected-as-buyers-circle-assets (2016-02-10)
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  • News - EY - Indirect tax rates continue to soar across the globe as governments devise levies - EY - Global
    While there are signs that this trajectory is easing the average standard rate has now climbed from 19 5 in 2008 to a high of 21 6 in EU Member States with even low rate countries like Luxembourg increasing their base Conversely corporate and personal income tax rates saw a decline at a similar pace 1 Gijsbert Bulk EY s Global Indirect Tax Leader says Rising indirect tax rates are the legacy of economic turmoil and increased tax competition This burden is being passed back to companies that incur VAT in foreign jurisdictions as they grapple with rising costs and cash flow issues It is more important than ever that companies take steps to ensure they have a clear and robust indirect taxation strategy More countries levying VAT With more than 160 countries now levying VAT 2 and only a minority applying retail sales taxes the shift toward indirect taxation is truly a global trend This is particularly marked in emerging markets with the Bahamas and Malaysia leading the pack for new VAT levies and India likely to follow suit Governments devise new taxes amid e commerce boom This trend is further compounded by the introduction of creative new levies notably excise duties such as sugar taxes on unhealthy food These taxes linked to health and welfare may become more prevalent as populations age and government spending accelerates in these sectors Similarly rates continue to rise on traditional excise taxes including tobacco and alcohol The report also addresses the impact of the e commerce boom and in particular recent EU rules 3 that require foreign providers to pay VAT on digital transactions in consumers home jurisdictions With the internet economy predicted to account for 5 3 of GDP in the G 20 countries by 2016 4 governments will need to review how they apply these new laws to mitigate the risk of lost revenues Taxpayers must prepare for new transparency requirements To keep pace with this shifting landscape authorities are using powerful new tools to access real time data and share more information placing taxpayers affairs under increasing scrutiny This aligns with a recent study carried out among EY Indirect Tax professionals revealing that 59 of 86 countries surveyed use electronic data extraction to perform tax audits As tax administrations become increasingly focused on enforcement companies will need to ensure that they have the necessary processes in place to meet these new requirements Ends About EY EY is a global leader in assurance tax transaction and advisory services The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over We develop outstanding leaders who team to deliver on our promises to all of our stakeholders In so doing we play a critical role in building a better working world for our people for our clients and for our communities EY refers to the global organization and may refer to one or more of the member firms of Ernst Young

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/news-EY-indirect-tax-rates-continue-to-soar-across-the-globe-as-governments-devise-new-levies (2016-02-10)
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