EY has announced that it will cut its US workforce by 5 percent.
It was stated that the decision to reduce the workforce in the USA will affect the company’s approximately 3,000 employees in the USA.
It was stated that the decision to dismiss was taken after evaluating the current economic conditions and the impact of excess capacity in the workforce in some parts of the company.
EY had decided to separate its audit and consulting units as two separate companies, following regulators’ concerns in some countries that EY’s offering of both advisory and audit services could in some cases lead to a conflict of interest.
Subsequently, the company announced that it gave up on this plan last week. It was noteworthy that the decision to reduce the workforce in the USA came after the aforementioned plan was abandoned.
While monetary tightening in the USA and the pessimism in the global economic outlook forced international companies to take steps to reduce their costs, Accenture, KPMG and McKinsey, which are among the major consultancy companies, announced that they would lay off thousands of people in the USA recently.