April 19, 2023
1 min read

EY to slash 3,000 jobs in the US

The job cuts have been announced less than a week after the collapse of a plan to spin off EY’s global consulting business into a new company..reports Asian Lite News

Joining the ‘Big Four’ consulting firms, global professional services provider Ernst & Young (EY) will slash around 3,000 jobs or 5 per cent of its workforce in the US, the media reported.

The job cuts have been announced less than a week after the collapse of a plan to spin off EY’s global consulting business into a new company, reports Financial Times.

“After assessing the impact of current economic conditions, strong employee retention rates and overcapacity in parts of our firm, we have made the difficult business decision to separate approximately 3,000 US employees,” an EY spokesperson was quoted as saying.

These actions are part of the ongoing management of our business and not a result of the recently concluded strategic review, “known as Project Everest”, the company spokesperson added.

Among other consulting groups, KPMG laid off close to 2 per cent of its US staff in February.

Accenture would cut 2.6 per cent of its global workforce over the next 18 months, while McKinsey will reduce about 3 per cent of its workforce (about 2,000 jobs).

In January, global investment firm Goldman Sachs fired more than 3,000 employees.

The ‘Big Four’ accounting and consulting firms all went on a hiring spree during the recovery from the pandemic.

However, the consulting businesses have slowed sharply over the past year after a period of outsized growth, said the report.

ALSO READ: Fabindia onboards Rajeshwari Srinivasan as CEO

Previous Story

Xi’s mentality pushing world towards Cold War redux

Next Story

Tim Cook opens Apple’s first retail store in India

Latest from Business

Apple Appoints Sabih Khan as New COO

Khan will take over from Jeff Williams, who is stepping down from the role this month and will retire later this year…reports Asian Lite News Apple has announced that Sabih Khan, an

Microsoft Cuts Deep

The fresh job cuts come less than two months after Microsoft announced it was laying off more than 6,000 employees…reports Asian Lite News Microsoft is set to cut around 9,000 jobs —

Northeast Is Growth Engine

Scindia also provided updates on the government’s efforts to facilitate the entry of SpaceX’s Starlink service into India. “All due diligence from the Ministry’s side is complete Union Minister for Communications and

India to Empower Global South

India is emerging as a pivotal force in the global transition to clean energy, with Union Minister for New and Renewable Energy, Pralhad Joshi, asserting that the country is empowering the Global

Maruti’s Global Push Breaks Record

June shipments hit 37,842 units, signalling robust global demand Maruti Suzuki India recorded its highest-ever monthly exports in June, shipping 37,842 units and marking a new milestone that highlights the company’s expanding
Go toTop

Don't Miss

EY U-turns on ‘Project Everest’

The plan came as regulators called for major industry reforms