Frank O’Keeffe, the head of EY Ireland, is said to be in the running to be named the next senior partner to lead the firm’s UK business.
The news comes as EY handed out lower pay rises and bonuses to thousands of staff in the UK and axed a handful of partners in its tax division, as the Big Four accountancy firm contends with a market slowdown.The firm told employees in its 4,400-strong tax advisory business that they would receive a 2.2 per cent base salary increase as part of its annual pay review. That was down from a 6 per cent rise in 2023 and a 10 per cent increase in 2022.
EY declined to say what pay rises and bonuses staff in its other divisions received this year. Tax advisory is typically a more resilient business line during periods of market turbulence compared with some of the firm’s other divisions, such as consulting and deals. The decision to offer smaller pay rises and bonuses will affect employees. Partners, who own and run the business, are paid out of the firm’s profits. Average partner pay was £761,000 last year.