Business Services Industry
Ernst axes 150 in Andersen mop-up.
Australasian Business Intelligence, July, 2002
ABIX via COMTEX) -- On 1 July 2002, Australian accounting firm, Ernst & Young, confirmed it had retrenched 150 full-time staff. It said the redundancies came as a result of the merger with troubled rival, Andersen, in late May. The firm said most of the redundancies were in administrative and practice support areas in Sydney and Melbourne, and almost all resulted from duplication in roles. At the time of the merger with Andersen, Ernst & Young absorbed Andersen's 1,500 staff and partners. Prior to the redundancies, the combined group had 4,420 full-time staff and 380 casual and part-time employees. Partners totalled around 300. Asked if more job losses were possible, Ernst & Young chief operating officer, James Millar, said "you never say never".
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