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Santander clashes with EY over firm’s consulting work

The quality of EY’s work is at the centre of the issues, according to three people familiar with the matter who spoke to the FT

EY plans to shrink the bonus pool among staff while trimming its consulting arm of some 2,300 by 5%
EY plans to shrink the bonus pool among staff while trimming its consulting arm of some 2,300 by 5% Photo: SOPA Images/LightRocket via Getty Images

EY has agreed to part ways with Santander and refund millions of pounds to the bank after failings emerged within its anti-financial crime work for the bank’s UK arm.

Santander asked EY, among others — which is routine practice at the bank when it comes to financial crime support — to help its effort to tackle financial crime and anti-money laundering systems, the Financial Times reported, citing people familiar with the situation. Santander’s issues have led to regulatory oversight and financial penalties.

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