Big four accountancy firm EY has reportedly told candidates that partner promotions at the firm will be suspended until October.
According to Sky News, the firm told candidates set for a promotion in July would be deferred for three months. The instruction comes after the firm said it was committed to retain its entire UK workforce of around 17,000 employees and is aligned with a similar decision made at its global firm.
The firm has also reportedly decided that fewer people than originally planned will be promoted to the position of partner this year.
The news comes as the firm also prepares for its head of audit, Hywel Ball, to take over as UK managing partner.
Ball, who is set to assume his position on 1 July, will be responsible for leading the business in the UK and Ireland, succeeding Steve Varley, who has been appointed as the first EY global vice chair – sustainability.