EY initiates unprecedented partner layoffs amidst industry slowdown

EY is conducting partner layoffs in various U.S. business segments, primarily in the advisory sector affecting consulting and strategy and transactions. The audit and tax arms are also affected. More than 100 partners in consulting and over 30 in strategy and transactions are impacted. The reductions surpass the typical scale. EY is facing a slowdown in revenue growth and is implementing cost-cutting measures. The firm has deferred start dates for new hires and is offering comprehensive support to affected individuals. Other major firms like KPMG and Deloitte have also downsized their workforce.