Accounting and consulting firm Ernst & Young (EY) is cutting about 3,000 jobs in the US. “Financial Times” reported. According to the business newspaper, this is mainly due to “overcapacity” in consulting operations. The number of jobs corresponds to 5 percent of the total workforce in the United States.
“After assessing the impact of current economic conditions, strong employee retention and overcapacity in certain areas of our company, we have made the difficult business decision to lay off approximately 3,000 US employees,” an EY spokesperson told Financial Services. The Times’ knows.
EY had plans to separate its focus business from the consulting arm. The plan, known as Project Everest, spun off much of the consulting activities and tax practice into a separate publicly traded company. However, E&Y announced last week that it would not be able to do so because shareholders could not agree to the evidence required by employees in compensation and the rest of the audit process.
A spokesman for EY insisted in the business paper that the jobs to be cut were “part of the ongoing management of our firm” and “not a result of the recently concluded strategic review known as Project Everest”.
EY is also active in our country and is one of the ‘big four’ accounting and consulting firms along with KPMG, PwC and Deloitte.
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