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E & Y Names New US Leaders
The two hires, David R. Williams and John R. O'Neill will act as the US leaders for restructuring services and bankruptcy and restructuring tax, respectively.
November 21, 2008
Ernst & Young, the tax, transaction and advisory services firm, made two restructuring hires to the firm’s transaction advisory services (TAS) unit.
David R. Williams and John R. O'Neill will both be based out of the firm’s New York office. Williams joins as the U.S. leader for restructuring services and John O’Neill joins as the U.S. leader of bankruptcy and restructuring tax.
The new hires come at an opportune time for the New York-based firm, as the U.S. Treasury hired both Ernst & Young and PricewaterhouseCoopers last month to assist “with accounting and internal controls services needed to administer the complex portfolio of troubled assets the department will purchase, including whole loans and mortgage-backed securities.” Ernst & Young will receive $492,006.95 for its services on behalf of the Troubled Asset Relief Program (TARP), with its contract will run until September 30, 2011.
Ernst & Young representatives did not discuss their role in the Troubled Asset Relief Program (TARP), although the firm did disclose that the TAS business unit, which focuses on financial advisory services, has seen an up-tick in demand in recent months. In a written statement, Williams referenced the ailing economy and tight credit markets, suggesting that a “strong need for liquidity management services [is expected] well into 2009 and beyond.”
Previously, Williams worked with FTI Consulting, a New York-based business advisory firm, regarding its acquisition of PricewaterhouseCoopers’ business recovery services division in 2002, then returned to FTI again as a consultant in November 2007. In addition, Williams will enhance and expand TAS’ global restructuring services business line by leading U.S. restructuring services.
O’Neill was previously director of private equity of the Americas at Ernst & Young. He joined the firm in May 2002 from Arthur Andersen LLP, where he was the managing partner of Andersen’s global private equity practice and the U.S. transaction advisory services practice. In his new position, he will focus on tax aspects of bankruptcy and workouts.
In October, Ernst & Young global revenues increased to $24.5 billion for the fiscal year ending June 30, 2008, a year-on-year revenue increase of $3.4 billion and a growth rate of 16.2%.
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