EY Australia to consider ‘targeted restructuring’ as difficult operating conditions persist

EY AUSTRALIA is considering cutting jobs as part of “workforce adjustments” to reflect challenging market conditions, with some targeted restructuring possible for “particular circumstances” in the near term, the accounting major said on Wednesday.

In an emailed response to Reuters, a spokesperson for EY Australia said the firm “started this year expecting a market rebound and sustained growth through FY25 for the parts of our business that have experienced this challenging environment” but added that expectations had not aligned with actual demand in these areas.

Based on current demand, the spokesperson said targeted restructuring may be required in some particular circumstances, but did not immediately specify an exact number of job cuts.

The Australian and Australian Financial Review reported earlier in the day that around 100 roles will be cut in the firm’s technology consulting arm, with the cuts affecting up to 1 per cent of the workforce.

EY Australia, like its other peers, has found operating conditions to be unfavourable ever since PricewaterhouseCoopers (PwC) Australia came under fire in mid-2023 over a tax leaks scandal, drumming up more such cases of accounting irregularities with other global firms. REUTERS