EY Oceania to cut jobs amid ‘challenging’ market for consulting sector
Staff at the firm have been told to expect redundancies across the sprawling audit and consulting giant, with up to 100 jobs on the line amid a looming restructure.
EY Oceania will sack up to 100 staff in its technology consulting business, with the heavyweight professional services firm facing an economic upset, after earlier expectations of a recovery.
Staff at the firm were told late yesterday they would face the redundancy round, which will see an unconfirmed number of staff cut across the sprawling audit and consulting giant.
The job cuts are expected to affect EY’s technology consulting business, with staff at the consulting firm expecting to face meetings about their future on Wednesday.
The move comes after insiders at the firm were told about the looming restructure earlier in February, which also flagged cuts to the firm’s legal business.
Sources said the cuts would affect less than 1 per cent of roles within the audit and consulting giant, which revealed its revenues were slipping when unveiling its earnings in August last year.
This would imply almost 100 jobs will go at the 10,000 strong firm.
An EY spokesman said the firm was facing “market volatility” which was “continuing to impact our business”.
“We started this year expecting a market rebound and sustained growth through FY25 for the parts of our business that have experienced this challenging environment,” an EY spokesman said.
“However, our expectations have not aligned with actual demand in these areas.”
The EY spokesman said based on current market conditions, the firm would be “making workforce adjustments”.
“In some particular circumstances, targeted restructuring may be required,” he said.
“These decisions are incredibly difficult, and we will support people who may be impacted, including outplacement support and assistance.”
EY’s Technology business houses core parts of the firm’s business and had been targeted as a growth area for the firm.
EY reported $2.81bn in revenues in the 2024 financial year, down from $2.97bn in 2023.
The cuts are expected to impact particular teams within the business, led by regional managing partner David Larocca.
The EY spokesman also warned the firm may continue to make cuts, cautioning global markets are still “tough at present”.
“EY Australia will continue to review its operations to ensure it reflects market demand and the evolving needs of our clients,” he said.
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