Bloomberg Tax
Dec. 10, 2022, 10:54 AM

EY Drops US Holiday Bonuses As Economic Outlook Worsens, FT Says

Gabriela Mello
Gabriela Mello
Bloomberg News

EY’s employees in the US were told on Friday that holiday bonuses will not be paid this year as a result of the challenging economic outlook, the Financial Times reports, citing unidentified sources.

The move comes as the accounting firm plans to spin off its consulting business into a stand-alone company, in a step expected to shake up the audit and advisory markets.

The company confirmed that it has chosen “not to fund our additional, discretionary mid-year program given the changing economic environment,” in a statement to the Financial Times.

EY, which audits more public companies in the US ...