Ernst&Young is preparing to lay off 3,000 people

International consulting, auditing and tax company EY (Ernst&Young) announced that it will reduce its workforce in the US by 5 percent due to the current economic conditions. EY announced that it will reduce its US workforce by 5 percent. It was stated that the decision to reduce the workforce in the US will affect approximately 3 thousand employees of the company in the US. It was stated that the decision to lay off was made after evaluating the impact of the current economic conditions and the excess capacity in the workforce in some departments of the company. Following the concerns of regulators in some countries that EY providing both consulting and auditing services could lead to a conflict of interest in some cases, EY decided to separate its auditing and consulting units into two separate companies. The company subsequently announced last week that it had abandoned this plan. It is noteworthy that the decision to reduce its workforce in the US came after the abandonment of the plan in question. While monetary tightening in the US and the pessimism in the global economic outlook have forced international companies to take steps to reduce their costs, major consulting companies such as Accenture, KPMG and McKinsey have also recently announced that they will lay off thousands of people in the US.