EY UK Readies Cost Cuts After Project Everest Failure, FT Says

EY’s UK firm is planning cost-cuts and steeling itself for staff departures following the firm’s failed attempt to split its audit and consulting businesses, according to the Financial Times.

The firm’s UK managing partner for financial services Anna Anthony told partners on a call Wednesday that “we have inefficiencies in our business which we can start to address now so we are already working on reducing our costs.”

The failure of the breakup, codenamed Project Everest, will make cost-cutting a part of the UK firm’s plan for its new financial year, which starts in July, she said.

Anthony said that ...