Ernst & Young is one of the four world's major accounting firms, formed in 1989 through a merger of firms dating back to the 19th century. Yesterday, July 1, it shortened its name to EY.
The need to shorten the name to just two letters can be debated. Ernst & Young isn't as unwieldy as PricewaterhouseCoopers, which shortened its name to PwC a few years ago. The stated reason for the change is consistency. Up until now, the full name was often shortened to E&Y and EY. The company also has a new tagline, "Building a better working world", which replaces "Quality in everything we do".
The logo itself is quite straightforward. It includes the two letters and a yellow beam that the company has used as a decorative element for a few years.