Which banks do the Big 4 own?

The Banking Holdings of the Big Four

The Big Four accounting firms—Deloitte, Ernst & Young (EY), KPMG, and PricewaterhouseCoopers (PwC)—have significant banking holdings that encompass a diverse global reach. Their influence extends beyond their core auditing and consulting services, with investments in banks across Ireland, Japan, Australia, and beyond.

HSBC UK

HSBC UK was once a subsidiary of HSBC Holdings, which was audited by PwC. In 2018, HSBC Holdings underwent a major restructuring, resulting in the separation of its UK operations into a separate entity, HSBC UK. PwC continues to be the auditor for HSBC UK.

Lloyds Banking Group

Lloyds Banking Group is another major UK bank with historical ties to PwC. PwC audited Lloyds TSB, one of the predecessors of Lloyds Banking Group, for many years. The relationship between PwC and Lloyds Banking Group continues today, with PwC remaining the auditor for the bank.

International Holdings

In addition to their holdings in the UK, the Big Four have also made significant investments in banks across the globe. For example:

• Deloitte: Deloitte has banking holdings in Ireland, Japan, and Australia, among other countries.
• EY: EY has banking holdings in Germany, the Netherlands, and Singapore, among others.
• KPMG: KPMG has banking holdings in Canada, South Africa, and the United Arab Emirates, among others.
• PwC: PwC has banking holdings in Switzerland, China, and India, among others.

Global Influence

The Big Four’s banking holdings give them a significant presence in the global financial sector. Their influence extends beyond their traditional auditing and consulting roles, enabling them to offer a wide range of financial services to their clients.

However, their extensive involvement in the banking industry has also raised concerns about potential conflicts of interest. Some critics argue that the Big Four’s dual role as auditors and bankers could compromise their independence and objectivity.