EY slims workforce for first time in 14 years

EY’s global revenue increased by 3.9% to $51.2bn in the year ending June, marking the slowest growth in over a decade. Janet Truncale, global chair and chief executive of EY, said: “Over the past year, EY teams have demonstrated extraordinary resilience in a challenging economic climate.” The consulting sector, traditionally a growth driver, saw fees stagnate at $15.6bn, while audit and tax services grew by 6.3% each, contributing significantly to overall revenue. The firm also reduced its workforce for the first time in 14 years, employing 392,995 people, down from 395,442. The weakest performance was in Asia, where fees remained flat at $7.2bn, while growth was noted in the Americas and Europe, the Middle East, India, and Africa.