Axe swings for E&Y partners
Big Five firm Ernst & Young has axed thirteen partners as part of its continuing move to reduce its head count.
Staff were told last week in an internal memo that the partners would be leaving the firm as it sought to respond to the worsening economic climate.
The announcement came after the firm said last month that up to 200 staff would have to be made redundant.
It was also forced to admit last week it had cancelled this year’s bonus payouts, a move which left senior managers at the firm ‘furious’.
A spokesperson for E&Y said: ‘A number of partners are withdrawing from the partnership as a measured response by the firm to manage capacity issues caused by reduced business activity as a result of the prevailing global economic and political environment.’
The spokesperson confirmed there were currently 420 partners in the firm. The news will come as a further blow to the firm, which last week won the Accountancy Age large firm of the year award for the third successive year.