Redundancy risk as E&Y bows to economic pressure
Ernst & Young is last Big Four firm to announce staff cuts as spokeswoman says around 1% of its workforce are on notice of redundancy
As many as 120
Ernst
& Young UK and Ireland staff face redundancy.
The firm is the last of the Big Four to announce staff cuts in the worst
business conditions since the 1990s. It refused to reveal if there would be job
cuts when asked by Accountancy Age in February.
E&Y has placed around 1% of its workforce on notice of redundancy. A
spokeswoman said: ‘Regrettably a small percentage of our people were put at risk
of redundancy. This may see a handful of job losses.’
In the last fortnight the firm has encouraged more client-facing staff, but
not partners, to take up flexible working options such as voluntarily reducing
hours or taking sabbaticals.
‘We believe it is more important than ever that, as the leaders of our
business, they spend as much time as possible with our clients helping them
through these challenging times,’ the spokeswoman added.
The firm has extended the flexible working scheme throughout Europe, the
Middle East and Africa.
PwC and
Deloitte
have already announced job cuts.
KPMG has seen 85% of its
11,000 UK staff register for flexible working arrangements during the year as it
bids to avoid more redundancies.