Jan 26 (Reuters) – 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 on Thursday, citing sources.
EY, one of “Big Four” global accountant 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 euros ($2.07 billion) were missing from its balance sheet.
Majority of the partners facing the job cuts are from the firm’s audit practice, the FT report said on Thursday, accounting for about 5% of the equity and salaried partners in the German business.
EY did not immediately respond to a Reuters request for comment.
($1 = 0.9165 euros)
BP wants to sell its British oil and gas fields in the North Sea as new Chief Executive Officer Meg O'Neill accelerates a sweeping portfolio overhaul aimed at improving profitability.
...
The European Union has agreed plans to establish a Maritime Rescue Coordination Centre (MRCC) in the eastern Libyan city of Benghazi, EU Ambassador to Libya Nicola Orlando said, as the...
Updated 1030am
APS Bank Posts Record €23.9 Million First-Half Profit: APS Bank reported a record pre-tax profit of €23.9 million for the first half of 2026, up from €9.1 million in th...
Updated 1105
Chamber Calls for Economic Shift towards Productivity and Competitiveness: The Malta Chamber has called for a long-term economic vision focused on productivity, competiti...
The European Commission has unveiled an ambitious package of tax reforms aimed at simplifying tax rules across the European Union, reducing compliance burdens for businesses and strength...
The European Union's new Migration and Asylum Pact enters into force on 12 June, ushering in the most significant reform of the bloc's migration framework in years and placing renewed em...
BP wants to sell its British oil and gas fields in the North Sea as new Chief Executive Officer Meg O'Neill accelerates a sweeping portfolio overhaul aimed at improving profitability.
...
The euro zone economy grew faster than expected last quarter as surging investment in AI, ample government spending and several one-off factors more than offset a drag from high energy ...
When Malta first introduced its special tax residence programmes, they were designed to address specific segments of the international market. Over time, these programmes became an impor...
As automation takes over routine processes, the sector’s competitive advantage is shifting towards professionals who can interpret complex information, exercise judgement and advise clie...
The Association of Maltese International Trailer Operators (ATTO) has met a delegation from Partit Nazzjonalista led by Dr Alex Borg and comprising MEP...
Pharmaceutical and wellbeing company Vivian has completed a comprehensive Employee Value Proposition (EVP) initiative involving nearly all of the company's 53 employees, revealing that p...
Gulf states have backed a proposal aimed at reducing disruption to global oil trade by allowing Iran to collect voluntary fees from ships using the Strait of Hormuz, according to sources...
The United States and Iran have paused military strikes for a third consecutive night as both sides seek to give diplomacy another opportunity after nearly two weeks of escalating confli...
At least 32 people have been killed and more than 700 injured after two powerful earthquakes — measuring 7.2 and 7.5 — struck central Venezuela seconds apart, causing widespread destruct...
Thousands of Cuban security personnel have begun leaving Caracas after nearly two decades in Venezuela, as Washington ramps up efforts to dismantle the long standing alliance between the...
Ukraine is aiming to develop a prototype of a new European anti-ballistic missile defence system by the first half of 2027, as Kyiv pushes allies to create a home-grown alternative to US...
Ukraine has recaptured 700 sq km (270 sq miles) of its territory this year, outgoing Commander in Chief Oleksandr Syrskyi said on Wednesday, confirming he was leaving the top military ...
