German unit of EY to slash hundreds of jobs

BERLIN: The German unit of EY, formerly known as Ernst & Young, is planning to cut 40 partners and 380 staff as it looks to improve profitability following the Wirecard scandal fallout, the Financial Times reported today, citing sources.

EY, one of the “Big 4” global accounting firms, had audited and certified payments company Wirecard’s books even as journalists and investors raised questions about its finances.

Wirecard collapsed in 2020 after it was forced to admit that €1.9 billion were missing from its balance sheet.