The Big Four firm, led by UK and Ireland managing partner Anna Anthony, plans to axe approximately 30 partners, primarily within its consulting division.

This move comes as EY, alongside its competitors PwC, KPMG, and Deloitte, faces reduced demand for consulting services, which surged during the pandemic. With inflation and interest rates rising, clients have curtailed spending on corporate advisory work. Consequently, EY’s average partner profits fell by 5% to £723,000 in the year ending June, with consulting revenues dipping by 4%.

The firm’s 894 equity partners, who jointly own and manage EY, will see a reduction in their numbers. Redundant partners will have their initial investment returned. Insiders also anticipate some equity partners being moved to non-equity roles, though EY maintains this is not the primary focus, The Times reports.

EY, which employs 20,000 people in the UK, is adjusting its workforce to protect profitability. Like its rivals, it is managing partner numbers through reduced hiring, early retirement, and performance reviews. The firm’s partnership shrank by roughly 50 last year, and 123 partners have left PwC in 2024.

EY stated that it “continually assess the needs of our business and make adjustments when required”.