An Ernst & Young senior partner, during a call with some of the accounting firm’s U.S. partners and staff, delivered a sober message usually reserved for clients: It’s time to cut costs. The accounting firm is laying off dozens of U.S. partners, a rare tactic that extends ongoing job cuts to the top echelon of one of the Big Four firms. Consulting partners and managing directors also are needed to drum up new business when the economy rebounds, said Andrew Nicholas, a research analyst at investment bank William Blair & Co. “In 2023 especially, the number of deals being done everywhere declined, and that led to a material impact for many consulting firms," Koltin said. All four big firms booked slower growth in 2023 in terms of overall global revenue and had slower global growth in advisory work.

Source: Wall Street Journal December 16, 2023 13:09 UTC