Ernst & Young to Spend Extra $1 Billion on Cloud, New Technology
- Capital allocation on top of $1 billion-plus EY already spends
- Company has made new hires to help manage investment
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Financial-services firm Ernst & Young LLP is spending an extra $1 billion on new technology, including artificial intelligence and shifting platforms to the cloud.
EY is among a bevy of financial groups looking to reinvest in new technology, with rivals such as Deloitte LLP and KPMG LLP all increasing the amount of capital allocated to technology projects ranging from AI to blockchain.