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Big four accounting firms overhired. Now they’re starting to lay off partners.

Livemint

Livemint · 1y ago

Big four accounting firms overhired. Now they’re starting to lay off partners.

Ernst & Young (EY) is cutting dozens of U.S. partners, a move rarely seen in the accounting industry. This follows similar job cuts made by KPMG earlier this year. While the Big Four firms have let go of thousands of workers in 2023, partner layoffs are less common. The consulting and transaction services that these firms heavily rely on have experienced lower demand, affecting their profitability. The firms had collectively 15,700 U.S. partners in 2022. The shrinking economy and declining deal volume are also impacting the firms' advisory business.

Related News

KPMG Trims US Audit Staff by 4% to Counter Low Turnover Rate | Company Business News

Livemint

Livemint · 9m ago

KPMG Trims US Audit Staff by 4% to Counter Low Turnover Rate | Company Business News

KPMG has laid off around 330 employees in its U.S. audit division, which represents 4% of its audit workforce. The decision was made to address low employee turnover and to align the workforce with current market demands. Despite the cuts, KPMG's audit operations have experienced growth, generating $3.7 billion in revenue in 2023. The layoffs follow a reduction in staff of 2,700 last year and reflect similar challenges faced by other members of the Big Four accounting firms. Deloitte, Ernst & Young, and PwC have all reported a slowdown in financial results.

Deloitte plans restructure to cut costs, may cut down biz units, says report

Livemint

Livemint · 1y ago

Deloitte plans restructure to cut costs, may cut down biz units, says report

Deloitte is restructuring its business divisions to lower expenses and prepare for a market slowdown. The firm plans to streamline its five primary divisions into four, including audit and assurance, strategy, risk and transactions, technology and transformation, and tax and legal units. This move comes as demand for consulting services from the Big Four accounting firms, including Deloitte, has declined due to the COVID-19 pandemic and the resulting economic uncertainty. Deloitte is also introducing a practice to help businesses measure and improve stakeholder trust, recognizing its impact on market capitalization.

EY is laying off U.S. partners amid tough economic conditions

Livemint

Livemint · 1y ago

EY is laying off U.S. partners amid tough economic conditions

In response to slowing demand and cost-cutting measures after a failed plan to break up the firm, Ernst & Young (EY) is reportedly laying off dozens of partners across all its U.S. businesses. The cuts primarily impact the advisory side of the operation, affecting over 10% of partners in consulting and around 4% in strategy and transactions. EY had already let go of 3,000 U.S. employees in April. Other accounting firms like KPMG and Deloitte have also reduced staff numbers amidst slowing revenue growth.

Spotify to lay off 17% of staff, its third round of job cuts this year

Livemint

Livemint · 1y ago

Spotify to lay off 17% of staff, its third round of job cuts this year

Spotify is set to lay off around 1,500 employees, which constitutes about 17% of its workforce, in an effort to bolster profitability. CEO Daniel Ek stated that the company is still spending excessive amounts despite cost-cutting measures. Spotify, like other tech firms, experienced growth during the pandemic, but is now facing investor pressure to prioritize profitability over expansion. This is the third round of significant layoffs for Spotify this year as it looks to streamline operations and strategically invest its profits.

Deloitte UK plans to layoff more than 3% of its positions as demand slows

Livemint

Livemint · 1y ago

Deloitte UK plans to layoff more than 3% of its positions as demand slows

Deloitte plans to layoff more than 800 positions in the UK, equivalent to about 3% of its workforce of 27,000 in the country, in response to a slowdown in demand and an easing in the pace of workers choosing to leave Deloitte, one of the Big Four accounting firms, is reportedly planning targeted restructuring that may lead to job cuts. This comes amid economic uncertainty and a decrease in open roles. Ernst & Young recently announced layoffs in its UK financial services consulting division, while PricewaterhouseCoopers has reduced pay hikes and bonuses for some UK employees.

Online furniture retailer Wayfair to cut 1,650 jobs to trim costs

Reuters · 1y ago

Online furniture retailer Wayfair to cut 1,650 jobs to trim costs

Online furniture retailer Wayfair announced that it will lay off approximately 1,650 employees, accounting for 13% of its global workforce, in an effort to reduce costs. The job cuts are expected to result in annualized cost savings exceeding $280 million. Wayfair had previously announced plans to cut 1,750 jobs in the previous year. As of the end of 2022, the company had a global workforce of about 17,505 employees.

PwC India revenue tops $1 bn on consultancy push but audit biz mints more profit

VCCircle

VCCircle · 11m ago

PwC India revenue tops $1 bn on consultancy push but audit biz mints more profit

PwC India's revenue surpassed $1 billion, primarily driven by its consulting services, but its auditing division generated higher profits. The Big Four accounting firm experienced an 18% increase in operating revenue, reaching Rs 9,625 crore ($1.15 billion), for the fiscal year ending in March 2024.

Microsoft to lay off 3% of workforce, CNBC reports

Economic Times

Economic Times · 2m ago

Microsoft to lay off 3% of workforce, CNBC reports

Microsoft is set to lay off approximately 6,000 employees, accounting for 3% of its workforce, as reported by CNBC. This decision is part of the tech giant's ongoing efforts to streamline operations and improve its overall efficiency. While specific details regarding the affected departments or regions were not disclosed, the layoffs reflect a broader trend among technology companies adjusting their human resources strategies in response to evolving market conditions and business needs.

Stability AI to lay off staff weeks after founder Mostaque resigned as CEO

Economic Times

Economic Times · 1y ago

Stability AI to lay off staff weeks after founder Mostaque resigned as CEO

AI startup Stability AI is set to lay off some staff as part of a restructuring process following the resignation of founder Emad Mostaque as CEO. The move comes as the company faces tough competition from firms like OpenAI and Mistral. Mostaque stepped down as CEO and from the company's board in March to pursue decentralized AI, leaving behind a board of interim co-CEOs. The number of employees affected by the layoffs has not been disclosed. Stability AI recently released its Stable Diffusion 3 model and counts Lightspeed Venture Partners, Sound Ventures, Coatue, and Intel among its investors.

Intel to Cut Factory Jobs as Fresh Layoffs Begin in July

StartupTalky

StartupTalky · 1m ago

Intel to Cut Factory Jobs as Fresh Layoffs Begin in July

Intel plans to lay off numerous employees at its production facilities starting mid-July, under new CEO Lip-Bu Tan's leadership. The layoffs aim to streamline operations and boost competitiveness in the semiconductor sector. Intel intends to empower engineers and better meet customer needs, addressing challenges like reduced demand and increased competition in AI. Despite employee concerns about transparency, the firm looks to enhance production, AI capabilities, and regain investor confidence amidst strategic transformation.

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