IPO market on the up
The move has taken the sector by surprise as hopes of an upturn in M&A activity continue to rise.
Six out of 17 mergers and acquisitions partners will lose their jobs.
‘It has been necessary to actively manage the business in the context of the current and expected M&A environment,’ Ernst & Young said in a statement.
But corporate finance specialists expressed shock at E&Y’s decision.
There are growing hopes that the market has finally bottomed out.
‘It surprised all of us,’ said Guy Warrington, head of UK corporate finance at KPMG.
‘The focus for a lot of the M&A activity of the Big Four is very much mid market, and while it is down year on year it is very much open for business,’ he said.
E&Y insisted it remained committed to M&A. ‘We will maintain our presence and aim to increase our share of this market,’ said E&Y.
Last month E&Y announced the streamlining of back office functions and merged control of Scotland and Northern Ireland operations with the north of England region.
The average cost of fraud increased 35.4% to £3.9m in 2016, compared to 2015 data
Tallat Mahmood appointed to corporate finance team of Top 20 firm
Andrew Tyrie airs views on the Finance Bill, 'Making Tax Policy Better' report, and Brexit
Senior partner David Elliott has been appointed in KPMG’s Newcastle office