Axe falls at E&Y again

The firms said that 21 partners, about five per cent, would be leaving the partnership, but denied it was part of a cost-cutting exercise.

A spokesman for the firm said: ‘The marketplace is going through some major changes, and we need to make sure we have got the right balance. There is over cpapcity in some ares.’

The cuts for both staff and partners will be across all areas of the firm, including, audit, tax and corporate finance.

But the spokesman added the firm would be recruiting in other areas.

Last September, the firm slashed 200 jobs, blaming economic uncertainty in the wake of the 11 September terrorist attacks.

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