Massive Layoffs Starting: Ernst & Young to Cut 3,000 US Jobs After Shelving Bid to Break Up Firm

Massive Layoffs Starting: Ernst & Young to Cut 3,000 US Jobs After Shelving Bid to Break Up Firm

Ernst & Young said Monday that it would eliminate roughly 3,000 jobs from its US workforce as it pivots to address shifts in demand and “overcapacity” in sections of its business.

The cuts represent less than 5% of the US firm’s total workforce. EY described the workforce reduction as “part of the ongoing management of our business” and said it didn’t stem from the firm’s recent failure to implement a global breakup.

“After assessing the impact of current economic conditions, strong employee retention rates and overcapacity in parts of our firm, we have made the difficult business decision to separate approximately 3,000 US employees,” EY said in a statement.

EY US generates more than 40% of the firm’s global revenue and employs about 50,000 professionals.

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