EY Global grew revenues 14.2% in local currency (9.3% in US dollars) to reach $49.4 billion in revenue for the financial year ending June 2023.
EY posted strong growth despite the collapse of its global split plans, which cost the firm an estimated $500 million.
The Big Four firm in the prior year recorded growth of 13.7% to reach $45.4 billion.
EY grew its headcount 8.2% to 395,442 globally in FY23. Shortly after the April cancellation of its split plan – Project Everest – EY US announced the layoff of approximately 5% of its workforce, with cuts largely falling on consulting and transaction services.
The strategy and transactions business had the lowest growth, at 8.4% ($6.1 billion), followed by assurance at 11% ($15.1 billion) and tax at 12.2% ($12.1 billion). Consulting was the growth engine, with a 21.6% increase in fees to reach $16.1 billion.EY reported 36% of partner, principal, executive director, and director (PPEDD) promotions in FY23 were women.
The global network of accountancies also said it invested $3.6 billion in FY23 across audit quality, innovation, technology, and people as part of its $10-billion, three-year commitment announced in FY21.
“I am very proud of EY growth this year,” said Carmine Di Sibio, EY Global chairman and CEO. “Guided by a commitment to create long-term value for all stakeholders, the organization is seeing the result of investment in pivotal alliances, cutting-edge technologies, and, most profoundly, the continuous upskilling of EY people.”
Other highlights from the past year include an SEC fine of $100 million for cheating on CPA exams and the cancellation of holiday bonuses in a year that saw solid revenue growth.
Sourced from Consultancy.us