3 ms·
EY is pretty bad in the U.S. as well. They're Big 4 in terms of revenue but they haven't been Big 4 in terms of industry reputation for years. What little repu
by gamblor956 2y ago
EY is pretty bad in the U.S. as well. They're Big 4 in terms of revenue but they haven't been Big 4 in terms of industry reputation for years.
What little reputation EY had left was basically set on fire when their very-hyped "Project Everest" restructuring abysmally failed over basic issues that should have been addressed in the beginning. EY spent a fair amount to plan the restructuring and took on a fair amount of debt to pair for it (and of course it did this before bothering to make sure the stakeholders would actually go through with the plan)...
Clients began to wonder why they should trust EY with their restructuring/business planning/etc if EY couldn't even handle its own. This resulted in a pretty significant outflow of clients in the consulting and tax groups.
The debt service and loss of revenue led to several rounds of layoffs (in the U.S., and overseas), frozen promotions, etc. PwC and Deloitte were the major benefactors, but a lot of the Next 20 firms also scooped up former EY employees and clients. (Unfortunately for the remaining EY employees, like the woman in the reddit link, this led to severe overwork.)