October 30, 2020

Layoff Watch ’20: EY Is Cutting Ties with Nearly 100 Employees In Israel

Today is New Year’s Eve Eve in the Ernstiverse, and with the 2021 fiscal year starting on Wednesday—and with COVID-19 not going away anytime soon—we’ve been told that quite a few EYers in the U.S. will be shown the door soon. Rumors have been swirling for a while now—from 300 of the 3,600 (8.3%) U.S. partners being let go as part of a restructuring, to 10% to 15% of PPMDs losing their jobs, to layoffs in all departments, with mostly managers being let go from the FSO group.

But layoff season at EY has officially begun in one country. No, not Germany, unbelievably (at least not that we’re aware of), but in Israel.

Calcalist reported on June 28:

Israel’s biggest accounting firm and one of the Big Four globally Ernst & Young (EY) is firing dozens of its Israeli employees, a source told Calcalist on condition of anonymity. EY put around 350 employees on unpaid leave at the start of the coronavirus (Covid-19) crisis, the way many other accounting firms in the country did.

According to sources at the company, most of those employees will return to work during July, but many won’t, with the number of those sacked believed to be less than 100. According to an agreement reached with the employees, social benefits, including payment for extra time and bonuses will be restored.

According to Dun & Bradstreet Israel Group, there are more than 1,800 people employed by EY Israel, and a source told us over the weekend that the firm is laying off about 5% of its workforce—so somewhere between 90 and 100 people.

Good luck to those EYers in Israel who are affected by the layoffs.

Israel’s biggest accounting firm EY to sack dozens of employees [Calcalist]

Related article:

Bonus Watch ’20: EY Employees Aren’t Getting Performance-Based Bonuses, But Their Jobs Are Safe For Now

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