Britain’s EY is preparing to slash 150 senior consulting positions as the professional services giant grapples with declining demand for advisory services. The cuts will primarily impact the firm’s consulting division, which currently employs 4,700 people, targeting managers, senior managers and directors – the highest-paid positions below partner level.
The restructuring comes alongside a significant leadership change, as Benoit Laclau, EY’s head of consulting, steps down from his position after five years at the helm. Laclau, 53, will continue serving key clients and leading technology initiatives despite relinquishing his management role.
The timing of these changes coincides with Anna Anthony’s upcoming appointment as head of EY’s UK and Ireland operations in January, marking a historic moment as the first female leader of a Big Four firm in Britain. Anthony, formerly leading the firm’s UK financial services division, will succeed Hywel Ball, who has dedicated over 41 years to the organisation.
The consulting sector’s challenges reflect a broader market shift, with EY’s consulting revenues dropping 4 per cent last year, contrasting with a modest 3 per cent growth across its wider UK and Ireland operations. The post-pandemic landscape has seen companies reducing expenditure on corporate advice amid inflationary pressures, leading to widespread job cuts across the Big Four accounting firms.
These developments follow EY’s abandoned Project Everest – an ambitious plan to separate its consulting division from its audit business. The proposed split, designed to address conflicts of interest and unlock growth potential, was shelved last year due to internal disagreements, particularly regarding the placement of tax services in the restructured organisation.
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