Weekly Report – September 21, 2022

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Highlight of the Week

EY Faces Knotty Split of Its Lucrative Tax Business

  • As EY is facing some complex challenges as it dives into the details of its planned division into both a consulting business and an audit business.
  • EY employs around 70,000 tax professionals whose expertise is used both in auditing and consulting. EY now must decide the best way to divide this valuable human resource.
  • EY currently plans to send one-quarter of its tax professionals to the audit practice while the rest move into the consulting practice.

Rate Curves


Rapid Report:

Abelian Brand Mark

U.S. Home Sales and Prices Fell in August as Mortgage Rates Rose

  • Both home sales and home prices fell last month. While down from the peak during the spring 2022, home sales and home prices are still up from a year ago.
  • The Fed has been hiking rates to combat rising inflation which has led to the slow down in the housing market
  • High prices and the rising rates mean that home-buying is at the least affordable level in decades

Gap Is Cutting 500 Corporate Jobs

  • Gap Inc. is cutting 500 corporate jobs in the wake of falling sales and profits
  • Gap Inc. has seen a slump in sales from its flagship brand and the Old Navy chain due to unsuccessful investments in “inclusive clothing sizes” and a general decease in consumer demand for clothing goods.
  • Experts point to rising inflation as the main culprit of the decrease in demand which is leaving consumers with less room in their budget for non-essential goods.
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Weekly Report – September 14, 2022
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Weekly Report – September 27, 2022

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