EY to cut back financial services team
25 Nov 2019
EY has confirmed that up to 100 members of its financial services advisory business have been placed at risk of redundancy, as the firm seeks to reposition the team’s focus and spread technology expertise more widely
25 Nov 2019
Those affected, who include a small number of associate partners, will be offered opportunities to apply for roles in other parts of EY’s global organisation.
EY said that the firm continually reviews its equity partner numbers ‘as part of our normal course of business’, but confirmed that no equity partners are affected as part of these redundancies.
In a statement, EY said: ‘We routinely review our business and staffing structures to ensure they can best meet client demand and market conditions.
‘Given the broader focus across EY on designing and building technology-enabled solutions and offerings, the EY UK financial services advisory business is transferring a number of roles into technology teams elsewhere in the EY organisation.
‘There are currently a small number of roles in the UK that have been identified as potentially at risk of redundancy as part of this review.
‘The proposed redundancies are not linked to any one client – it is in response to the change in the mix of our business. Our priority is to support all impacted EY people and to identify high-quality alternative roles, where available.’
The firm said its financial services business has seen significant growth in the UK over the past five years, and it had invested heavily in building the business, including investments in technology.
The UK’s financial services consulting market grew the slowest of the 15 major global consulting markets according to the latest Source Global Research report – recording lacklustre growth of 5.3% to US$3.5bn (£2.7bn) – as some decline in regulatory demand and Brexit-related uncertainty curbed corporate spending.