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Tragedy Strikes EY Partners’ Pockets

Sign and logo on an EY building in Toronto

Reported on Friday, Sky News was tipped to a situation at EY UK that could not have been received well by the firm’s 930 equity partners: They won’t be getting record-smashing payouts this year.

Stuart Gregory, EY UK & Ireland Managing Partner, Finance and Transformation, supposedly gave a presentation informing fellow partners that profit-per-partner could go down as much as 15 percent for this fiscal year ending June 30.

Last year, partner profits at EY took a hit for the first time in three years, dipping from £803,000 (approx. $999k USD) to £761,000 (~$947k USD). So if they take a 15 percent hit, they’re looking at £646,850 ($804,290.06 USD as of publication time).

EY UK reported revenue of £3.8 billion, double-digit growth, and a “third year of market leading growth in the UK” when they released their revenue press release last October.

Added Sky News to their report:

Insiders at the firm cautioned, however, that his comments did not amount to a firm profit forecast, and said that trading in the first part of its final quarter had been robust, with a strong pipeline of business over the next ten weeks.

EY reported combined global revenues of $49.4 billion for FY23, up from $45.4 billion the prior year. Of Big 4 firms, they’re usually second to report revenue after Deloitte some time in the late summer/early fall.

EY warns UK partners of potential profit slide [Sky News]

One thought on “Tragedy Strikes EY Partners’ Pockets

  1. Oh no! Poor partners only taking home $800k this year. So terribly sad! How are they supposed to survive? Truly a tragedy and must be remedied by associates working longer hours for less money immediately.

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