E&Y SHEDS INVESTMENT BANKING ARM: Big Four firm Ernst & Young has shed its investment banking arm by selling the practice to the consulting firm run by former New York City Mayor Rudolph W. Giuliani.Giuliani Partners LLC bought Ernst & Young Corporate Finance LLC, an affiliate of the Big Four accounting firm, and simultaneously launched Giuliani Capital Advisors LLC, which will advise companies on acquisitions, restructurings and other deals.

The two-term former mayor and the accounting firm forged the alliance that created Giuliani Partners LLC, of which Giuliani is chairman and chief executive, in January 2002, shortly after he left office.

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