After meeting on Labor Day, Ernst & Young executives are closing in on a plan to split the massive company

A plan to split the Big Four giant into two separate companies is being finalized by the executive committee.

According to Jean Eaglesham at The Wall Street Journal, the leaders of the firm met on Labor Day to iron out the final details of a plan to separate the firm's auditing and consulting businesses. Sources told the Journal that the proposal will be approved by the committee later this week and then a vote by the partners.

Some of the world's largest companies are audited by EY. According to The Wall Street Journal, the separation of the firm's core businesses would allow the consulting practice to chase lucrative opportunities that are limited because of the existing audit relationships.

The Financial Times reported in July that the company is expected to bring in more than 45 billion dollars in revenue this year. Half of the revenue base would be spun off into a new consulting company, while the other 40% would continue to audit businesses, according to the Journal. The Journal reported that the consulting company would raise $10 billion by selling a 15% stake in the public markets next year.

The partners of the firm are the clear winners of the deal. The Journal reported in June that average partners in the US and UK could get multi-million dollar payouts from the split. The partners of the new company will get shares worth seven to nine times their annual compensation.

The network of regional and national offices of the company is based in London. Sources told the Journal that voting on the plan by partners in those offices will take place between the end of this year and the beginning of next.