E&Y Layoffs

Confirming last week's Wild Speculation Wednesday, comments elaborate on the layoffs at E&Y. Sounds like many were on visas (classy, E&Y) and the axed got four weeks of severance, which seems to be the norm among the Big 4.

Any more tips or rumors, please pass them along. Sphere: Related Content

Ernst & Young Layoffs and Wild Speculation Wednesday

Tramp just received a tip that the Ernst & Young tax practice in New York will be laying off staff tomorrow. This layoff is a follow up to the dismissal of 50-60 tax professionals that occurred in February.

This also occurs after the reported tax layoffs in the UK by KPMG.

Tax professionals getting the axe, while historically being excellent survivors, leads us to wildly speculate whether this layoff trend in tax will continue to proliferate across the firms' tax practices.

It could simply be the result of audit partners weeping about how bad they've got it and the bigwigs are asking the tax partners to get a little blood on their hands as well.

If anyone out there has more specific information or other tips, please pass them along. Sphere: Related Content

Wild Speculation Wednesday

The Radio Station is cutting positions in the tax practice in the United Kingdom, according to AccountancyAge:

An industry source said that a couple of hundred jobs could be cut. A spokesman for KPMG confirmed that the firm planned to cut jobs in its UK tax practice, but declined to give a likely figure for job cuts. He said that it was still consulting staff.

Sooo, this obviously leads us to wildly speculate that the U.S. tax practice is probably next.

A source also tells us there was mention in a Transaction Services (TS) meeting today that M&A activity is down 60% year over year. If true, this is considerably worse than what the firm put out back in January, possibly putting more TS professionals in the crosshairs.

KPMG to cut jobs in tax [AccountancyAge] Sphere: Related Content