What EY's Job Cuts Tell You About Consulting Careers at Deloitte, KPMG, EY, and PwC
EY has had one of the most turbulent few years of any Big 4 firm. A failed attempt to split the firm in two — the most ambitious restructuring in accounting history — was followed by thousands of job cuts, an internal reorg, and a restructuring that is still playing out. Deloitte, KPMG, and PwC have all made cuts, but EY's story has a unique backdrop that candidates need to understand.
EY's 3,000-person US layoff in 2023 was described as the firm's first significant workforce reduction in 14 years — a sign of just how unusual these cuts were.
Here's what happened, why it happened, and what it actually means if EY is on your shortlist.
EY's Layoff Timeline: From Project Everest to 2025 Restructuring
2023 — The post-Everest fallout: EY's "Project Everest" — a plan to split the firm's audit and consulting arms into two separate publicly listed companies — collapsed after partner votes in the US and Germany failed to reach the required threshold. The firm cut approximately 3,000 US jobs (5% of its US workforce) in the aftermath.
2024 — Ongoing global reductions: EY reduced approximately 1,300 employees globally (around 2% of the global workforce) as declining demand for consulting services continued. The firm also began offshoring certain support roles — including US-based executive assistants replaced with offshore talent in 2025.
2025 — Structural restructuring: EY announced its biggest-ever internal restructuring: merging 18 regional divisions into 10 "super regions" effective July 1, 2025. This restructuring trimmed mid-level management and cut across Staff 1 through Manager levels in audit, tax, and consulting.
Why EY Cut Staff — The Real Drivers
Project Everest failure: The failed split left EY having invested heavily in a consulting arm built for independence. When that plan collapsed, the firm had more consulting headcount than its integrated model could support.
Low voluntary attrition: Like all Big 4 firms, EY relied on natural turnover to manage headcount. When that flow dried up post-pandemic, the firm had to act deliberately.
Consulting demand decline: Advisory revenue softened significantly from 2023 onward, reducing client hours and creating surplus capacity.
"Super region" consolidation: The 18-to-10 regional merger is about operational efficiency — fewer management layers means fewer managers, which means reductions at mid-level grades.
Who Was Most Affected at EY
Consulting professionals (US): The bulk of the 2023 and 2024 cuts targeted the advisory and consulting divisions — teams built up for the Everest split that never came.
Mid-level managers: The 2025 super-region restructuring specifically targeted management layers — senior managers and managers in audit, tax, and consulting.
Support functions: EY moved US executive assistant roles offshore, part of a broader trend of back-office cost reduction across all Big 4 firms.
Severance was minimal: Affected employees typically received around 4 weeks of severance with little notice — notably less generous than industry peers in some regions.
What This Means for Candidates Targeting EY
EY's restructuring creates new openings: Fewer management layers mean faster promotion paths for those who get in. The firm being leaner doesn't mean it has stopped hiring — it means it's more selective.
Consulting vs audit strategy: EY's consulting arm went through the most disruption. Candidates targeting audit or tax are entering a more stable environment than those targeting advisory.
The super-region model: EY's new regional structure means the firm operates more globally. If you're interested in international mobility, EY's restructured organisation may actually offer more flexibility than before.
Events matter more now: With EY being more selective, warm introductions carry more weight. Attend EY recruiting events to build relationships ahead of the hiring cycle.
EY's Direction From Here
EY is emerging from its most turbulent period as a leaner, more regionally integrated firm. The Everest failure was painful, but it cleared the path for a more focused strategy: fewer regions, fewer management layers, and a sharper emphasis on profitable service lines.
Candidates who understand EY's recent history — including why the split failed and what the super-region restructuring is trying to achieve — will walk into interviews with a material advantage over those who don't.
EY is still one of the largest professional services networks on earth. Understanding its recent turbulence is a differentiator in interviews, not a reason to avoid the firm.
Don't let the headlines put you off. Browse upcoming EY recruiting events and start building the relationships that matter before the market fully rebounds.
