The Large 4 consulting corporations, Deloitte, PricewaterhouseCoopers (PwC), Ernst & Younger (EY), and KPMG, collectively employed more than 1.5 million individuals final yr.
Deloitte is the largest, with $65.1 billion in global revenue in 2023 in comparison with PwC’s $53 billion, EY’s $49.4 billion, and KPMG’s $36.4 billion.
These corporations, which lead in accounting and auditing, performed analysis on the presidential election to indicate what enterprise leaders suppose as we head to the polls Tuesday.
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The Large 4 had over $200 billion in world income, collectively. (Graphic by Visible Capitalist through Getty Photos)
Here is what the Large 4’s analysis says concerning the 2024 election.
Deloitte: Survey says office points matter
In an election survey launched in mid-September, Deloitte requested 200 North American chief monetary officers (CFOs) at organizations with a minimum of $1 billion in income what they cared about forward of the election.
As a substitute of tax coverage, which topped the listing in 2016 and 2020, workforce points like expertise shortages and wage inflation had been probably the most urgent points for CFOs in 2024.
“Solely 12% of CFOs say now is an efficient time to be taking higher dangers, in comparison with 26% within the second quarter of 2024,” Deloitte researchers wrote. “A yr in the past, the quantity was 41%. The upcoming election might current probably the most vital modifications of all.”
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PwC: Executives anticipate a divided authorities
PwC performed a survey of 709 U.S. executives, together with CFOs, chief data officers (CIOs), and chief know-how officers (CTOs), and released the results in October.
Nearly all of executives, over three in 4, stated they count on a divided authorities subsequent yr, with 77% anticipating extra govt orders and 75% predicting extra regulation and litigation.
If Democratic candidate Kamala Harris wins, executives reported greater taxes and local weather insurance policies as danger areas. If Republican candidate Donald Trump wins, they foresee commerce and international relations as danger areas.
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In the meantime, executives are protecting their AI investments regular, no matter who turns into President.
“Concerning AI, for instance, 52% say they’d enhance their funding underneath a Harris administration, and 53% say the identical underneath a Trump administration,” the examine acknowledged.
EY: The election could have a substantial impression on tech
EY launched a poll of 503 tech industry leaders in October that confirmed practically three-quarters (74%) acknowledged that the election could have a “main impression” on the U.S. tech trade and its skill to remain aggressive in a world market.
“Notably, they suppose that the result of the US election would most impression the next areas of regulation: cybersecurity/information protections, AI and machine studying, and person information and content material oversight,” EY researchers wrote.
Many tech leaders (82%) reported plans to extend investments in AI by 50% or extra in 2025, irrespective of who wins. AI expertise is on the high of the listing of what they’re on the lookout for (60%), adopted by cybersecurity (49%).
KPMG: Companies have to remain alert
KPMG seemed into U.S. commerce insurance policies underneath each Trump and Harris in a comparative review report launched in late September.
Trump “favors a extra protectionist stance, prioritizing American industries via tariffs and renegotiated commerce offers geared toward decreasing the commerce deficit,” whereas Harris “is a proponent of a multilateral method, advocating for tax incentives to advertise home manufacturing.” These two approaches are “stark contrasts,” based on the report.
The report advises companies that depend on imports to stay “agile and knowledgeable” no matter who wins the election.
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