{ "media_type": "text", "post_content": "How bad is EY struggling? All I see on social media is that the firm is struggling/layoffs. What is going on? Is it just certain divisions or the entire firm?", "post_id": "596a2f5ad1e7660010cd713a", "reply_count": 23, "vote_count": 6, "bowl_id": "564a5cdb94887803001dd07c", "bowl_name": "Accounting" }

How bad is EY struggling? All I see on social media is that the firm is struggling/layoffs. What is going on? Is it just certain divisions or the entire firm?

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Audit had a bad year. Lost a few big clients. Audit by nature is a recurring cash flow business. Majority of profits are from recurring audits, not new sales. Therefore if you lose a major recurring revenue stream, there will be cuts to costs to compensate. I wouldn't say EY is struggling, more so then they are experience some volatility (happens from time to time in business) and they are trimming the fat. They likely over hired when they had aggressive growth assumptions for vision 2020 and now that they're behind those growth assumptions they have slack on the supply side. They are simply eliminating supply (employees) so that it better matches the demand and resources are better utilized. Far majority of those let go are under performers (bottom third in ratings), with the occasional higher performer being let go for various reasons (pay is above market, too many people in market at their level, etc...). Overall nothing to be extremely worried about, as this happens from time to time in the industry. It just seems odd because most people on here are too young to remember the last time it happened, so they think the sky is falling.

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^great post, very informative and thought out. I also think there was never a platform for people to anonymously bitch and moan which makes things seems more severe than they really are. I'm in a big market in the NE and I haven't heard of anyone being laid off or being on A PIP

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Deloitte is the strongest because of their consulting practice. If looking solely at Audit it's PwC.

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Haha okay. For a pretty long post explaining EY, I simply assumed you worked there.

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With that same mentality let's declare GT taking KPMG for a position in the Big 4 😂

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Most of it is common sense. It's not like the executives at EY communicate to the employees exactly what's going on. I'm sure employees within EY don't have any better insight than the rest of us. You get a few pieces of info and piece together the rest.

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^Unlikely. KPMG has like a $5B gap to close. Unless they acquire BDO they're gonna have a tough time making that much up.

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9 out of 10 new audit clients in my office are former KPMG clients. When we lose clients, Deloitte seems to win the proposal

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Let me preface my comment by saying is doesn't really matter which firm has more revenue, it won't affect my comp or exit ops in any way. However, since I'm an accountant and I like to crunch numbers I looked it up (wiki) and the gap in global rev is only $3.7B ($25.9B to $29.6B) for FYE 2016 (latest data) in order to bridge the gap in four years KPMG needs to out pace EY by about 4% (e.g. 10% to 6% growth) . If EY is truly struggling that's not unreasonable. Probably won't happen, but it's more likely than EY getting to $50B in the same timeframe.

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EY FSO actually had a very strong year and took a few very large clients from PwC. I believe other business units struggled but FSO did not and raises will reflect that.

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It's not. The entire big 4 aren't doing well...when they say they aren't doubt well, they mean based on their targets

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^we also lost a few major recurring audits in the last two years

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And gained some

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Manager 1 just curious as I'm in audit but which big clients did you lose? Was it due to acquisition or other reasons?

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EY will be the smallest of the B4 by 2020

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I think it's not layoffs. People are volunteering to leave

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Which big four seems to be the strongest now?

Audit or tax * ^

I'm not at EY, I just know that they lost some larger clients. That's what I've heard around the workplace. Not sure exactly which clients those were.

Nope, just heard enough chatter and have enough friends there to know high level what's going on.

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