TPG reportedly seeks to put EY's "Project Everest" back in play

TPG has made a preliminary approach to Ernst & Young about buying a stake in its consulting business, according to The Financial Times.

Why it matters: This comes just months after EY ended talks to separate its consulting unit from its accounting unit, due to internal disagreements. The original split plan had been code-named Project Everest.

More, per the FT: "A separation of EY's consulting arm would mark the biggest overhaul in the accounting profession since the collapse of Enron auditor Arthur Andersen more than two decades, which reduced the Big Five to the Big Four." — Michael O'Dwyer & Stephen Foley, FT