Global auditing and consulting firm Ernst & Young announced that it will lay off approximately 3,000 employees.
EY USA announced yesterday that it will lay off 5 percent of its employees, after abandoning its plan to separate the audit and consulting divisions.
CURRENT ECONOMIC CONDITIONS GIVEN AS JUSTICE
In the statement made by EY USA, it was stated that the decision was taken after evaluating the effects of current economic conditions, the high rate of profit distribution and the “overcapacity” seen in some parts of the company.
After months of trying to persuade its partners, London-based EY had canceled its plan to separate its audit and consulting units to address concerns about potential conflicts of interest.