Ernst & Young announced Monday it would trim its U.S. workforce by about 5%, or around 3,000 jobs, due to economic conditions and overcapacity in portions of the firm.
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Ernst & Young's U.S. arm said on Monday it was shedding 5% of its workforce, less than a week after the unit's objection torpedoed the global accounting giant's plan to break up itsThe decision was taken after assessing the impact of current economic conditions, strong employee retention rates and "overcapacity" in parts of the company, EY U.S. said.
over potential conflicts of interest after its U.S. Executive Committee decided not to ratify the plan.Federal Reserve's quantitative tighteningErnst & Young is a leading audit and business advisory firm, providing a wide range of assurance and advisory services.Among EY's "Big Four" peers, KPMG is reportedly laying off some staff. Deloitte and PricewaterhouseCoopers are also part of the Big Four.
EY's layoffs were first reported by the Financial Times, which said the cuts would chiefly affect the consulting business.
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