EY Germany to make structural changes in cost-reduction push  & More Trending News


Jan 26 (Reuters) – The German unit of EY, previously referred to as Ernst & Young, has determined to make structural changes with a deal with personnel measures and reductions of non-personnel prices, an organization spokesperson advised Reuters on Thursday in an emailed assertion.

The firm has initiated discussions with the so-called co-determination physique, the spokesperson mentioned, referring to the German system that offers staff a say in company decision-making.

The Financial Times had reported earlier in the day, citing sources, that EY Germany is planning to lower 40 companions and 380 workers because it seems to enhance profitability following the Wirecard scandal fallout.

Majority of the companions dealing with the job cuts are from the agency’s audit observe, in accordance to the FT report, accounting for about 5% of the fairness and salaried companions in the German enterprise.

EY, one of many “Big Four” international accountant corporations, had audited and authorized funds firm Wirecard’s books whilst journalists and buyers raised questions on its funds. Wirecard collapsed in 2020 after it was compelled to admit that 1.9 billion euros ($2.07 billion) had been lacking from its stability sheet.

($1 = 0.9165 euros)

Reporting by Gokul Pisharody and Jyoti Narayan in Bengaluru; Editing by Sherry Jacob-Phillips

Our Standards: The Thomson Reuters Trust Principles.

EY Germany to make structural changes in cost-reduction push 

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EY Germany to make structural changes in cost-reduction push 

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EY Germany to make structural changes in cost-reduction push 

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