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Stephen Foley

US Accounting Editor

Stephen Foley covers the accounting and consulting industries in the US and globally, including the activities of the Big Four and the MBB firms (McKinsey, BCG, and Bain). Since joining the Financial Times in New York in 2012, he has held positions including markets correspondent, US investment correspondent and deputy US news editor. He was also business editor of Nikkei Asia, the FT’s sister publication.

Stephen previously worked at The Independent in London and New York and was named business journalist of the year at the 2009 British Press Awards for his coverage of the financial crisis.

Email Stephen Foley @stephenfoley  on Twitter (link opens in a new browser window)
  • Wednesday, 3 July, 2024
    McKinsey
    McKinsey prevails in racketeering case brought by turnaround rival Jay Alix

    New York judge dismisses six-year old legal action accusing consulting firm of conflicts of interest in bankruptcy cases

    The McKinsey & Company logo
  • Wednesday, 3 July, 2024
    Inside BusinessMcKinsey
    Is McKinsey really a partnership?

    Court case to test the issue as move to more corporate structure raises another question: should the firm go public?

    The McKinsey & Company logo
  • Tuesday, 2 July, 2024
    News in-depthEY
    EY’s new boss leaves strategic questions unresolved

    Janet Truncale’s alternative to failed spin-off of consulting arm is criticised for lacking detail

    Janet Truncale
  • Sunday, 30 June, 2024
    Bain & Co Inc
    Bain’s new boss says consultancy pulling back from work in China

    Tension between Beijing and Washington has increased scrutiny of western businesses operating there

    Christophe De Vusser
  • Friday, 28 June, 2024
    FT News Briefing podcast11 min listen
    A final goodbye to EY’s Project Everest?

    New EY chief rules out reviving plan to split Big Four firm in two

  • Thursday, 27 June, 2024
    EY
    New EY chief rules out reviving plan to split Big Four firm in two

    Janet Truncale has told company’s 400,000 staff she wants to simplify operations instead

    Janet Truncale
  • Thursday, 20 June, 2024
    US tax
    US Supreme Court sidesteps wealth tax question in closely watched case

    Majority of justices uphold Trump-era levy but avoids broader constitutional questions that some had pushed

    The US Supreme Court in Washington
  • Wednesday, 12 June, 2024
    PwC
    PwC India boss pleads case for seat at firm’s global top table

    Sanjeev Krishan seeks place alongside China counterpart on influential network leadership team

    Sanjeev Krishan, chair of PwC India
  • Tuesday, 11 June, 2024
    News in-depthCitigroup Inc
    Trio of new Citigroup executives stirs succession talk on Wall Street

    Jane Fraser’s hiring of three new leaders to boost turnaround project prompts speculation one could be next in line

    From left: Jane Fraser, Vis Raghavan, Tim Ryan and Andy Sieg
  • Tuesday, 11 June, 2024
    Accounting & Consulting services
    Private equity groups poised to own one in three top US accounting firms

    A wave of talks with financial bidders comes as regulators voice concern about audit quality and ‘tone’

    The skyline of midtown Manhattan
  • Thursday, 6 June, 2024
    Accounting & Consulting services
    Alvarez & Marsal poaches from Big Four rivals in expansion push

    Consulting firm aims to hire ‘hundreds’ of partners and staff to increase deal advisory work

    A mobile phone with the Alvarez & Marsal logo on the screen held in front of the company’s website shown on a computer screen
  • Wednesday, 22 May, 2024
    Behind the Money podcast18 min listen
    Why auditors are missing red flags

    After numerous scandals, regulators say it’s the auditors who need to be examined more closely

  • Wednesday, 22 May, 2024
    PwC
    PwC faces crisis in China over audit of failed property giant Evergrande

    Role in approving accounts has led to infighting at Big Four firm as clients reconsider relationship

    Raymund Chao, Asia-Pacific chair of PwC, left, and Hui Ka Yan, founder of Evergrande, with the logo of PwC and an Evergrande building in the background
  • Wednesday, 22 May, 2024
    FT News Briefing podcast12 min listen
    PwC’s Evergrande audit comes back to bite

    Clients reconsider PwC relationship as Chinese authorities look into the firm

  • Tuesday, 14 May, 2024
    Accountancy
    Accountant shortage prompts US plan for quicker path to qualification

    Pressure to cut educational requirement has grown as numbers joining profession drop

    A montage of people standing in front of the logos of Deloitte, EY, PwC and KPMG
  • Sunday, 12 May, 2024
    Accounting & Consulting services
    Closure of Trump Media auditor delays IPOs and company results

    SEC move to shut down BF Borgers threatens nine IPOs and could force dozens of listed firms to delay results

    The exterior of the BF Borgers building
  • Monday, 6 May, 2024
    Inside BusinessAccounting & Consulting services
    Why don’t auditors find fraud?

    Regulators have put forward a series of proposals to clarify and extend responsibilities to spot wrongdoing

    Spreadsheet bank accounts with a calculator and magnifying glass on top
  • Friday, 3 May, 2024
    Accounting & Consulting services
    SEC shuts down Trump Media auditor over ‘massive fraud’

    BF Borgers ran ‘sham audit mill’ whose work affects more than 1,500 corporate filings, US financial regulator says

    BF Borgers signage
  • Wednesday, 24 April, 2024
    McKinsey
    McKinsey faces US criminal investigation over opioid industry work

    Grand jury set up to hear evidence on consulting for drugmakers tied to addiction epidemic

    McKinsey & Company logo
  • Monday, 22 April, 2024
    News in-depthProfessional services
    Consulting firms step up efforts to push out their low performers

    McKinsey’s mid-year reviews are the latest attempt to increase ‘attrition’

    A montage of people in shadows and the logos of BCG and McKinsey
  • Friday, 19 April, 2024
    PwC
    PwC’s Evergrande audits set to face new probe by Hong Kong regulator

    Apparent whistleblower report cites concerns over firm’s work for collapsed Chinese developer

    A man walks past an Evergrande Group residential complex called Evergrande Palace in Beijing
  • Thursday, 18 April, 2024
    PwC
    PwC to reverse controversial US tax split

    Incoming US senior partner Paul Griggs plans to reunify tax division, dismantling predecessor’s model

    Paul Griggs
  • Monday, 15 April, 2024
    Trump Media & Technology Group
    Trump Media’s first auditor quit months after being appointed

    Accountancy firm did not want to be associated with former US president’s social media venture

    The Truth Social logo on a tablet
  • Thursday, 11 April, 2024
    Grant Thornton LLP
    Grant Thornton retirees escalate revolt over private equity deal

    Former US partners hire lawyers in fight for bigger share of the proceeds from New Mountain deal

    Grant Thornton’s office in Chicago
  • Wednesday, 10 April, 2024
    KPMG International
    KPMG fined $25mn over exam cheating scandal at firm’s Dutch arm

    Penalty is largest in US accounting regulator’s history

    KPMG logo
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