Prior to 1989, the major accounting firms were nicknamed "The Big Eight." In 1989, after four of the firms merged (Ernst & Whinney merged with Arthur Young to form Ernst & Young and Deloitte, Haskins & Sells merged with Touche Ross to form Deloitte & Touche), they became known as "The Big Six." In 1998, the Big Six became "The Big Five" when Coopers & Lybrand merged with Price Waterhouse to form PricewaterhouseCoopers. In 2002, after Arthur Andersen ceased operating in the wake of the accounting scandal and subsequent bankruptcy of its client Enron, the Big Five became "The Big Four."
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