EY plans to cut 150 more UK jobs
EY has intensified its redundancy efforts in the UK with the planned the termination of an additional 150 jobs, bringing the total number of redundancies this year to 300.
As demand for certain services is waning, the decision is part of a broader cost-cutting strategy that has affected various business lines, including EY’s legal arm and EY-Parthenon, its strategy and transactions advisory segment.
The redundancies are a response to the changing market dynamics and are part of the Big Four firm’s ongoing efforts to realign its workforce with current market demands. EY Riverview Law, a Manchester-based legal services business acquired in 2018, is set to close, leading to significant job losses. These cuts are less drastic compared to EY’s US operations, which earlier announced a reduction of 3,000 roles.
Despite these measures, EY’s UK partners reported a 5% decrease in their average earnings, down to £761,000 in the last financial year, the Financial Times reports.