Layoffs have wreaked havoc in the global tech sector and the crisis has spilled over into other sectors including media and financial services. Firms including KPMG and McKinsey have also slashed a significant chunk of their workforce, and those who remain are haunted by uncertainty.
Accounting firm Ernst and Young has also joined the bandwagon, by laying off 3,000 employees, because of overcapacity.
The move to cut down its workforce by 5 per cent, comes days after Ernst & Young called off a split, which was meant to create a spinoff.
The new firm was slated to handle the firm’s global consulting business, after regulatory concerns over its arm conducting audits fairly for clients.
Ernst and Young also made it clear that the job cut is part of its own ongoing management, and not a result of recent reviews.