M&A partner cull at Ernst & Young
Big Four firm Ernst & Young has dropped six partners from its corporate finance practice, as the market continues to disappoint.
Link: Global M&A activity halves in 2003
The cull sees the number of mergers and acquisitions partners at E&Y reduce from 17 to just 11.
Ernst & Young blamed the move on the continuing depression within the general M&A market, but said it remained committed to M&A as part of its corporate finance offering.
‘By focusing on our core M&A team, we will maintain our presence and coverage in all our regional markets and industry groups and aim to increase our share of this market as conditions stabilise,’ the firm said.