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Subscribe30 JUN 2025 / BUSINESS
In July 2025, EY and PwC started massive reorganizations, with EY reducing management layers and PwC reforming its US advisory division, followed by KPMG merging national partnerships and investing $210 million in India. Faced with dwindling margins, heightened oversight, and scandal, the 'Big Four' accounting firms are making drastic changes to their structures and operations in an effort to adapt to a shifting risk landscape, increase agility, and futureproof their businesses.
When one Big Four firm sneezes, the rest start reaching for tissues. In July 2025, both EY and PwC kicked off sweeping reorganizations, EY by slashing regional management layers and PwC by revamping its U.S. advisory division. KPMG, not to be left behind, is merging national partnerships and investing $210 million into its India-based operations. With shrinking margins, rising oversight, and headline-making scandals, the Big Four are no longer just rebalancing; they’re rewriting the rulebook.
For EY, this isn’t new territory. After trimming its sector into groups from eight to six last year, the firm is doubling down on simplification. Despite reporting over $50 billion in global revenue for FY24, EY is pushing past traditional structures, betting on bold reforms to future-proof its sprawling 400,000-person network. PwC, with $53 billion in revenue and over 328,000 employees, is also restructuring after cutting 3,300 staff globally. Even KPMG, with $36.4 billion in FY24 revenue, is tightening its belt through international mergers. So, what’s driving this Big Four reshuffle? And more importantly, what happens next?
EY’s Project Everest was supposed to be the firm’s crown jewel, a historic split between audit and consulting. Instead, it turned into a $1 billion write-off and a cautionary tale about internal gridlock. In the aftermath, EY leadership took a long, hard look in the mirror. The verdict? Too many layers, too little clarity, and not enough accountability. The July 2025 overhaul is a direct response:
The shift decentralizes power while aiming to speed up decisions and drive client focus closer to the ground. For EY, it’s not just a restructuring; it’s a reset.
EY’s leadership insists this shake-up isn’t just about trimming the fat—it’s about operating with global consistency and local autonomy. According to the firm, the new model will enable:
Julie Boland, previously U.S. Managing Partner, will now oversee the new U.S., Latin America, and Israel super region. Other confirmed leaders include Rajiv Memani (India & Africa), Anna Anthony (UK & Ireland), and Abdulaziz Al-Sowailim (MENA). While EY Oceania (including Australia and New Zealand) remains untouched structurally, job cuts are hitting elsewhere. The firm plans to restructure its standalone legal practice and has already laid off 100 staff in February 2025. Oceania profits fell 15% in 2024, and partner count dipped from 748 to 721.
From London to Lagos, the Big Four are scrambling to retool their global footprints. Why? Because the risk landscape has shifted, and “business as usual” now means courting trouble. Take PwC. After scandals including a $62M Evergrande fine, a tax leak debacle in Australia, and a PCAOB penalty in Israel, the firm is exiting more than a dozen countries across Africa and the Pacific, including Cameroon, Zimbabwe, and Fiji. The official word is "strategic realignment," but insiders call it damage control. Read our full breakdown of PwC’s country exits and rising compliance costs here.
KPMG is on a consolidation tear, reducing its global units from 100+ to just 32 by 2026, aiming to streamline governance, absorb risk, and provide unified client service. Meanwhile, PwC’s U.S. advisory division will grow from 4 to 8 industry-focused segments starting July 1, with managed services integrated directly under each segment. With advisory revenues softening, AI changing audit expectations, and scandals sharpening public scrutiny, each firm is rethinking how to stay agile without tripping over itself.
In August, PwC UK will cut 175 junior auditors, citing overcapacity and lower attrition. That’s a major departure from its historic no-layoff policy for audits. Add in slower pay raises, just 2.5% this year, compared to 9% in 2022, and you get a clear signal: even audit, the most stable vertical in professional services, isn’t immune to belt-tightening. Notably, non-British staff on firm-sponsored visas were disproportionately impacted, raising quiet concerns about cost-cutting priorities over DEI goals. The firm's rebranded "Summer Empowerment" program (formerly Summer Fridays) also hints at a shift in flexibility philosophy, fewer perks, more performance.
If PwC, KPMG, and EY are all rearranging their global chessboards, can Deloitte sit this out? So far, the world’s largest professional services firm by revenue (nearly $65 billion in FY24) has remained relatively quiet. But with mounting pressure to enhance profitability, compete in the AI advisory race, and fend off regulatory headaches, Deloitte may be weighing its own moves behind closed doors. Will it follow the “super region” playbook? Cut underperforming business units? Or go rogue with a new model entirely? Either way, the industry isn’t what it was in 2020. The Big Four are starting to look less like sprawling empires and more like boutique powerhouses—lean, mean, and always watching each other’s next step. Subscribe to MYCPE ONE Insights for weekly updates on restructuring, strategy, and financial leadership.
Until next time…
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