BusinessCorporate FinanceE&Y culls staff in corporate finance arm

E&Y culls staff in corporate finance arm

Big Five firm Ernst & Young is to axe four partners and up to 25 staff from its corporate finance arm following a decline in merger and acquisition activity, it has emerged.

The cull came as the lack of confidence in the corporate finance marketplace continued, with the expected upturn in activity remaining elusive.

A spokesman for the firm confirmed that up to 29 jobs were ‘at risk’ in the M&A division of its corporate finance arm.

‘This is due to the current decline in activity in the marketplace,’ he said.Although four partners will be asked to leave the firm, the spokesman said the firm would try to find alternative positions for the 25 staff in other areas of the firm following a consultation period, though it was understood not all the staff would be retained.

Last year, E&Y’s corporate finance division brought in £156.6m to the firm.The job cuts follow news last week that KPMG was planning to axe 20 staff from its forensic accountancy department.

Related Articles

Grant Thornton recruits new corporate finance partner

Accounting Firms Grant Thornton recruits new corporate finance partner

10m Emma Smith, Managing Editor
Total fraud value at £2bn five-year high, finds BDO

Accounting Firms Total fraud value at £2bn five-year high, finds BDO

11m Stephanie Wix, Writer
MHA MacIntyre Hudson appoints corporate finance director

Accounting Firms MHA MacIntyre Hudson appoints corporate finance director

11m Stephanie Wix, Writer
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
KPMG announces senior partner promotion in Newcastle

Accounting Firms KPMG announces senior partner promotion in Newcastle

11m Stephanie Wix, Writer
Independent city firm reports 70% growth

Accounting Firms Independent city firm reports 70% growth

11m Stephanie Wix, Writer
Tax avoidance crackdown sees 80% jump in additional HMRC revenue

Accounting Firms Tax avoidance crackdown sees 80% jump in additional HMRC revenue

11m Stephanie Wix, Writer
Making Tax Digital: the "unexpected item in the bagging area"

Accounting Standards Making Tax Digital: the "unexpected item in the bagging area"

11m Stephanie Wix, Writer