British financial services giant EY, which last week abandoned a plan to split its auditing and advisory units, said on Monday it would cut 3,000 American jobs, citing overcapacity at the company.
British financial services giant EY, which last week abandoned a plan to split its auditing and advisory units, said on Monday it would cut 3,000 American jobs, citing overcapacity at the company.
“After assessing the impact of current economic conditions, strong employee retention rates, and excess capacity in parts of our company, we made the difficult business decision to fire nearly 3,000 American employees, who represent less than five percent of the U.S. workforce,” said EY. official speaker.
“After assessing the impact of current economic conditions, strong employee retention rates, and excess capacity in parts of our company, we made the difficult business decision to fire nearly 3,000 American employees, who represent less than five percent of the U.S. workforce,” said EY. official speaker.
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The company’s US branch opposed the change.
An EY spokesperson said the job cuts are “part of the ongoing management of our business and not as a result of the recently completed strategic review”.
The job cuts follow recent cuts at other major accounting and consulting firms.
Technology consulting firm Accenture announced in March that it would cut 19,000 jobs, or 2.5% of its workforce. KPMG and McKinsey have also announced job cuts recently.