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EY is reportedly set to launch a small round of redundancies, having warned staff of less impressive pay rises and smaller bonuses this year due to rising costs at the Big Four firm, according to the Financial Times.
It was reported yesterday (17 August) morning that the firm’s UK arm informed staff of its plans to axe more than 5% of its almost 2,300 financial services consulting team.
This means that approximately 150 jobs are set to be lost in teams that advise on business transformation.
Furthermore, bonuses will be curtailed by more than half and will also be distributed to a smaller group of employees.
In a statement, EY told the Financial Times: “The vast majority of our people will receive an annual pay rise and variable bonus payment this year.
“EY’s UK financial services consulting practice has taken measures to align current resourcing requirements with market demand. Regrettably, a group of employees in this part of the business are now subject to a redundancy consultation process.”
However, the firm’s statement also maintained that EY was performing “strongly”.
The announcement that EY will be cutting jobs in the UK follows a round of aggressive lay-offs in EY’s US business, when it was revealed earlier in April of this year that it would cut roughly 3,000 jobs.
EY has been contacted for comment.
