Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
As announced on 26 January 2023, the UK personal service firm EY will be cutting approximately 420 jobs in Germany due to internal restructuring. While the timeframe of the restructuring is not clear as of today, workers’ representatives and management have started negotiations. It is expected that EY will cut 380 jobs in so-called back-office areas such as marketing and administration. In addition, the contracts of 40 partners are to be terminated. According to company sources, the job reduction has become necessary in order to strengthen the company’s profitability before the split into two independent audit und consulting firms.
Previous restructuring events have been recorded in the ERM database for EY. In 2023 200 jobs were created in Hungary (EY-2023-HU) and in 2022, 150 jobs in Poland (EY-2022-PL) and 600 jobs in Ireland (EY-2022a-IE).
Eurofound (2023), Ernst & Young (EY), Internal restructuring in Germany, factsheet number 108323, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/108323.