Friday, September 22, 2023

Consulting firm EY plans to cut 3,000 US jobs

The EY consultant will cut 3,000 Job positions in the United States, about 5% of its workforce in the country, which it considers oversized, as reported by the British newspaper “Financial Times” (FT).

The company has announced those cuts to its workers a week after plans to spin off its consulting and auditing businesses were put on hold, after months of disagreements between global management and partners on USA.

“After evaluating the impact of current economic conditions, strong employee retention rates and excess capacity in some parts of our business, we have made the difficult business decision to lay off approximately 3,000 employees in the United States,” a spokesperson said. from EY.

“These actions are part of the ongoing management of our business and are not the result of strategic review recently completed,” added that source.

The cuts announced by EY are deeper than those carried out by other consulting groups in recent months.

KPMG cut about 2% of its US workforce in February and Accenture announced a 2.6% reduction in its workforce worldwide over the next 18 months.

Over the past year, EY has dedicated more than $600 million (€680 million) to what is known as Project Everest, according to the FT, with which it aimed to free the firm from conflict-of-interest rules that make it difficult for Consulting firms offer other services to their audit clients.


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