Layoff Watch ’25: EY Is Laying Off 130 People in New Jersey

Posted on by Going Concern News Desk
Exterior EY building with scissors overlay

We’re getting really sick of using this same EY graphic, you guys.

This news was first spotted on NorthJersey.com and confirmed via the New Jersey Department of Labor.

130 EYers in New Jersey will be without a job after Halloween according to a WARN notice filed with the New Jersey Department of Labor. The reason? “Operational inefficiencies” and “underperformance in some service lines.”

This is the first official layoff notice we’ve seen — thanks, New Jersey law that makes employers in the state file these notices — but certainly not the first we’ve heard of layoffs at EY in recent weeks. Last month, EY axed a ton of American executive assistants, reportedly to replace them with Caribbean and South American staff.

As always, dear reader is welcome and encouraged to reach out anonymously via email or text with more info.

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Jim Turley Stepping Down as Chairman and CEO of Ernst & Young

~ Update includes statement from Ernst & Young

This morning we learned from a couple of sources that the big guy will be calling it a career officially on June 30, 2013 and the firm will announce a new CEO-elect at some point in early 2012.


Here’s JT’s message to the troops:

I have written to all our partners to let them know about my plans to retire from Ernst & Young on 30 June 2013.

Every year, our Global Executive (GE) considers the priorities and initiatives we feel Ernst & Young should focus on in the upcoming year, and these priorities are then approved by our Global Advisory Council (GAC), the top governance body of Ernst & Young.

Periodically, we also take a longer look at our strategy and vision, and involve the GAC in this as well. In July, we informed our partners that we were beginning such a long-term strategic review. The GE and I believe that our new strategy and leadership-succession plans are inextricably linked, and we agreed that June 2013 would be the right time for me to retire.

This is a normal process and the timing has worked out perfectly. I will be 58 years old, which is the normal early retirement age for many of our partners. By then, we will be implementing our new strategy and it’s right that a new leader should steer this implementation.

We are starting a robust process to identify the man or woman who will succeed me, in accordance with our regulations. We intend to identify a new Chairman and CEO elect during the first part of 2012. What I feel very good about is that we’re the type of organization that continually develops large numbers of great leaders, so I see many men and women who could lead Ernst & Young successfully into the future.

This is not a retirement letter or speech to you all, as there is much to do before June 2013. However, I wanted to be very open with you about our plans. Thank you for your continued support as we continue both our strategy and succession-planning process.

James S. Turley
Chairman and CEO

UPDATE: Ernst & Young provided us with the following statement:

In a communication to all Ernst & Young partners worldwide on 10 November 2011, James S. Turley, Chairman and Chief Executive Officer of Ernst & Young confirmed that he will retire as planned, aged 58, on 30 June 2013. The succession process to decide a new Chairman and CEO-elect is now underway and will conclude in early 2012, no later than April.

So after riding out Lehman, handing out a lot of trophies, and inspiring the greatest lyric in the history of Big 4 employee produced videos, (I’m sure there are other accomplishments too) Jimbo will ride off into the Black and Yellow sunset. This seems like an appropriate tribute:

Feel free to leave other well wishes below.

8 thoughts on “Layoff Watch ’25: EY Is Laying Off 130 People in New Jersey”

  1. This country sucks! THE GOVERNMENT NEEDS TO ALL GO ROT IN A PRISON HOLE! Horrible monsters!

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  2. I thought that there was a shortage of accountants/CPAs? Just a joke – moving it all to India! I feel sorry for those going into accounting for a career.

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  4. If someone hates America, they should leave. Go to a third world country for a few weeks and see if you still hate America.

    It sucks for 130 people but it’s not even a drop in the bucket for the greatness of America. America is great again!

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  5. 130 people is a drop in the bucket. The bigger issue is that this is a secular trend in that the headcount will slowly be chipped down to bare bones.

    My question is…how do partners still make a yuge amount of money? When I think about skillsets and trends, and technology, how are they not being disrupted?

    I know some principals at the Big Four and at second tier firms. For infosec work these “experts” are charged out at $350 an hour to produce powerpoints and reports, but 95% of these experts have never run a backup, never designed a network, never encountered a single security incident, and never run a scan.

    How are they staying employed, but even more importantly, WHY ARE COMPANIES PAYING these massive fees for someone who is an accounting firm lifer, and has zero information security experience??

    I can tell you that some companies are getting wiser and they are not paying for crap skills.

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    1. Not to mention the sheer volume of work being sent overseas. Their plan now is to train new hires to supervise work that they themselves haven’t performed with the firms claiming this is due to AI rather than admitting it’s because nearly entire teams are operating out of India.

      How can they continue to justify Big 4 prices? Name recognition and “prestige” can only get them so far.

      Clients and potential clients are waking up, B4 bottom lines have been struggling for a couple years now and it’ll only get worse if they keep up the way they have which they will because they don’t know any other way.

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