In April of this year, practically moments after the Project Everest split was deemed unfeasible due to infighting and too many loose ends, the King’s EY boldly warned staff to expect some cuts. After all, just thinking about Everest had cost the firm $500 million (or $600 million, depending who you ask and depending what wacky accounting the firm tries to do to minimize the failure’s impact on partner payouts) and along with EY US, the UK arm was one of its loudest cheerleaders right up until the end. Someone was going to have to pay.
A few months later EY told its people that bonus pools were shrinking, and that’s if people get a bonus at all as the “people who are even getting a bonus this year” pool was also shrunk. It could be worse than a smaller bonus though, you could have been one of the 150 staff axed from the 2,300 people in financial services consulting.
Well, bad news. Another 150 people had to go. Per Financial Times on Sunday:
The cuts will affect staff in EY’s legal arm, as well as employees at EY-Parthenon, its strategy and transactions advisory business.
The firm is also in the process of shutting EY Riverview Law, the Manchester-based legal services business it bought in 2018, which will result in the majority of its employees being laid off, the people said.
Laid off three weeks before Christmas, brutal.
EY to cut a further 150 UK jobs as Big Four firms grapple with waning demand [Financial Times]
