EY cuts 150 UK consultants due to resignation of business head

Sunday, December 1, 2024 1:17 PM

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Big Four accountancy firm EY is to cut 150 positions in its UK consulting division and replace one of its top executives due to slowing demand.

Cuts to the 4,700-person department are expected to affect managers, senior managers and directors – the highest-paid positions below partner level.

Meanwhile, EY's UK and Ireland consulting partner Benoit Laclau is stepping down from his role after almost five years.

Laclau, who joined EY 13 years ago, will continue to serve the firm's largest clients and lead its “tech-focused pursuit in the UK”, a company spokesperson told City AM. He added that the process of selecting a successor is underway.

Management consultants at EY and other Big Four firms are experiencing a decline in demand for their services after a boom during the COVID-19 pandemic. Last October, EY reported the lowest annual revenue growth in 14 years across the company at 3.9%.

In the UK, where EY employs about 20,000 people, consulting and strategy revenue fell 4% and trading revenue fell 13%.

The Big Four – KPMG, PwC, Deloitte and EY – are trying to reverse the hiring glut of the coronavirus era with thousands of job cuts as clients struggling under tight monetary conditions cut spending on costly external advice. I did it.

An EY spokesperson said: EY regularly reviews the resource requirements of your business. Regrettably, 150 roles could be cut as part of the UK consulting practice's proposals. “A consultation process with people affected by these proposals is currently underway.”

The move highlights some of the challenges Anna Anthony will inherit when she becomes EY UK's first female leader in January.

Amid criticism that Whitehall has become overly reliant on costly advisers, including the Big Four, the new government's plans to cut spending on external consultants and save more than £1 billion over the next two years will place additional pressure. may be inflicted.

The Sunday Times first reported news of EY's cuts.

Read more EY UK's Mixed Situation: Revenue Growth Meets Decline in Fixed Fee Income and Profits Similar Tagged Content: Sections Categories People & Organizations Related Topics

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