EY, one of the big four firms, is preparing to lay off a significant number of senior partners in its most substantial redundancy plan in decades due to a decrease in consultancy spending.
The Sunday Times reports that the accountancy and consultancy firm, which saw a change in º£½ÇÊÓƵ leadership at the beginning of the year, is gearing up for a new wave of job cuts, as reported by .
A competitor from another big four firm told The Sunday Times that they had been approached by 10 EY partners looking for employment opportunities in recent weeks.
Currently, EY has 894 equity partners and 757 non-equity partners who jointly own and manage the company, although the latter group does not participate in profit sharing.
Insiders also revealed to The Sunday Times that a small number of EY's equity partners will be transitioned into non-equity partners, but they will not be the primary target of the cost-cutting scheme.
"We continually assess the needs of our business and make adjustments when required," an EY spokesperson informed City AM.
This news follows Anna Anthony's appointment as managing partner of EY's º£½ÇÊÓƵ and Ireland operations at the start of the year, after previously heading its º£½ÇÊÓƵ financial services division.
EY employs approximately 20,000 people in the º£½ÇÊÓƵ and has been grappling with a decline in consultancy spending from both private businesses and impending government plans to reduce expenditure on external consultants.
In December, it was disclosed that EY was eliminating 150 positions in its º£½ÇÊÓƵ consultancy division following a four per cent drop in revenue.
In October, EY recorded its lowest annual revenue growth in 14 years, with a mere 3.9 per cent increase across the firm.
Job cuts were implemented among managers, senior managers and directors, which are the top-earning positions below partner level.
In 2024, the º£½ÇÊÓƵ's Big Four firms made more than 900 redundancies, as clients grappling with stricter monetary conditions cut back on spending on expensive external consultants.
