BusinessCompany NewsBig Five hit hard by economic downturn

Big Five hit hard by economic downturn

The Big Five firms are growing increasingly pessimistic about their ability to survive the current economic downturn unscathed.

Ernst & Young this week posted global results that shows growth slowed by half, Andersen has warned its current financial year is being adversely affected by the terrorist attacks in the US, and PricewaterhouseCoopers is reported to be about to fall short of profit targets.

Deloitte & Touche is working to pull together financial results within the next couple of weeks, much earlier than otherwise expected. KPMG was unable to comment.

E&Y’s global results show the firm has grown by just 7% for the year ending 30 June, instead of the 14% last year.

Andersen said revenue had grown by 15% in the year to 31 August, but warned that the attacks on the World Trade Centre and the Pentagon were already affecting revenues.

A spokesman for PwC dismissed a weekend report that the firm was about to miss targets by almost 20%. The report also quoted an unnamed partner predicting an ‘awful’ future.

Several of the firms have announced redundancies and cut graduate recruitment.

Links

Revenue growth shrinks at E&Y

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor