Ernst & Young Global Ltd, traditionally known as EY, is a globally recognized professional services partnership with its headquarters based in London, England. EY stands tall as one of the largest professional services networks worldwide and is counted among the elite group of the Big Four accounting firms, alongside Deloitte, KPMG, and PricewaterhouseCoopers (PwC). Its core services comprise assurance, including financial audit, tax, consulting, and advisory services, all dedicated to serving its clients to the highest standard possible.
Accounting giant Ernst & Young (EY) has announced plans to cut 3,000 jobs in the US due to “overcapacity” in certain parts of the company. This move comes just days after EY called off plans to split its auditing and consulting divisions, citing that this decision was not related to the ongoing review. The job cuts affect approximately 5% of EY’s US workforce, with the company promising “comprehensive support” to those affected.
EY stated that these cuts were made “after assessing the impact of current economic conditions, strong employee retention rates, and overcapacity in parts of the firm.” This announcement comes as corporate America is bracing for an economic downturn.