Ernst & Young (EY) layoffs are in the news Wednesday after the accounting firm announced a huge number of job cuts.
The company has announced that it is cutting workers in its consulting and strategy and transactions divisions. That will see the EY layoffs affect a total of 130 workers at the company. That includes both partners and other employees.
Breaking these layoffs down, about 10% of consulting employees are being laid off. That makes up about 100 employees. Next, around 4% of strategy and transactions members are being cut, which comes to roughly 30 workers.
What’s Behind the EY Layoffs?
EY is laying off employees as demand for some of its services is starting to slow. To combat that, the company is cutting jobs to reduce operating costs and save money.
It also bears mentioning that EY increased hiring during the pandemic to meet growing demand for consulting services. However, those services aren’t seeing as much need lately with the tough economy.
That makes sense, as many companies in the U.S. have been reducing headcounts to deal with the effects of inflation and increased interest rates. That simply sees EY joining an ongoing trend with its latest layoffs announcement.
Investors who want to learn more about the latest stock market stories are in the right place!
We have them covered with all of the most recent stock market coverage worth reading about on Wednesday! A few examples include what’s going on with Tesla (NASDAQ:TSLA), Shattuck Labs (NASDAQ:STTK) and Roblox (NYSE:RBLX) stock today. All of that is ready to go at the following links!
More Stock Market News for Wednesday
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
