Have there really been Partners let go, pay cuts at EY? How much of this is at Consulting/advisory vs tax/audit? Does this mean no new partner promotions and hiring?

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No pay cuts. Distributions were fine for the most part. We are hiring PP in key areas.

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We had a round of cuts last year. Since then, performance-related which is normal. More on the consulting side in both cases. Tax/audit did fine, consulting/SaT struggled.

We had a below average PP class size this past July and currently hiring only for specific sectors/competencies. More exception-based now (which is how it should be) vs. growth/expansion-based.

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Margin Quality - diversion of higher margin resources and reps to improve quality of audit - cutting nose off to spite our face

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There have been a number of partners leave and go to competition

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You haven’t specified, I assume you mean US, but which geo are you looking at?

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Yes. Was referring to US but have heard of some impact outside of US as well.

Some bonuses were really lousy

Partners are being let go, and the FT article referenced the mandatory deferred income.

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