We received this tip on Twitter yesterday:
Hi,
There seems to be another round of lay offs in EY, affecting IT folks globally.
Affected staff were notified this past Monday, and expected to leave by this Friday.
Note the tipster said globally. They added:
Global lay off for enterprise technology. This time the layoffs are brutal. Many many IT divisions, Infosec and senior IT leaders affected.
They’re guessing “way, way higher” than 300 people but don’t have numbers right now. We’re told the roles affected are mostly internal support people. If you’ve got details, throw them our way via email or text. Tipsters are always anonymous unless you for some bizarre reason you really, really want us to put your name out there.
We’re not sure if this is connected to the 100 or so consulting people getting cut by EY that Financial Review wrote about yesterday. The quote AFR got from them was pretty dark:
An EY representative said the firm had been operating in a challenging and uncertain environment for a year and market volatility was continuing to affect business.
“We started this year expecting a market rebound and sustained growth through FY25 for the parts of our business that have experienced this challenging environment. However, our expectations have not aligned with actual demand in these areas,” the representative said.
“Based on current demand, we are considering making workforce adjustments to reflect market conditions. In some particular circumstances, targeted restructuring may be required. These decisions are incredibly difficult, and we will support people who may be impacted, including outplacement support and assistance.”
Keep you posted.
Go EY! This was overdue. There’s plenty of fat that can be trimmed.
The A&& up above, who left the most insensitive comment, needs to be quiet. I was one of the IT layoffs this week and this layoff was a very large number of high leveled, skilled, IT folks. EY is not thinking at all about its people these days and should have gave everyone more time and good heads up. Not a stable place and not a place for people to work safely in anymore. Everything is going overseas and not in the US. This is how dirt cheap they are. Partners getting rich and working people getting slashed sending work to others in low salary places. Not a nice company and not a good place to be proud ot work for anymore.
This is a very smart and strategic decision. EY should be interested in making money while providing excellent work product. Shifting work overseas lowers cost while maintaining excellent service. In today’s environment you must make yourself willing to adapt with change.
Just like I thought, EY only laid off the low performers and the malcontents. Strong, strategic move and a good reality check to those who were “blindsided” by being laid off.
EY Manager – I think you said it all. You seemed a bit too comfortable with your role and either didn’t see the need to, or didn’t want to, adapt. They expect that of all of the revenue generating folks, why not the internal support folks?
I agree and disagree.
I definitely think you should always be looking to add value to your role but there are limits especially when their compensation is not built out for that and it’s structured to pay them to do their job.
EY has been on a binge lately with this crazy line of thinking and I’m guessing it’s to plug that hole from Project Everest…oh well, I guess greed isn’t always a good thing and now everything is being looked at.
My team was impacted, so I know of what I speak. Remember EY is comprised of Member Firms, each with their own policies and regulatory constraints. So yes, some people really were given to the end of the week (Singapore) while others were given a certain amount of continued employment and some severance (US). Yes, people were impacted from Enterprise Technology and InfoSec, though I don’t know about Client Technology. Yes, there were some very high-level departures, including at least one Partner and a number of Directors. So clearly the talked about reorg must be close or those teams will flounder even more than they have been. Finally, it was a combination of a sledgehammer (remove entire teams) and surgery (remove some highly paid head count in expensive countries). It wasn’t my favorite week of my tenure.
So the question of the day, is what’s next? Shift to India, fine. Is there other outsourcing? What IT items shift to the business? Lastly, what’s the strategic plan?
EY is currently undergoing global layoffs, significantly impacting its IT workforce. Many of these employees have dedicated a substantial portion of their careers—often a quarter of their lives—to the company, playing a critical role in building and sustaining EY’s technological infrastructure and success. However, it appears that EY is prioritizing cost-cutting and a younger workforce over loyalty and experience, as layoffs seem to have become an annual strategy. This approach has left employees feeling undervalued and uncertain about their futures, eroding trust and stability. For those who have contributed so much to EY’s growth, the company no longer feels like a safe or stable place to build a long-term career.