Janet Truncale, the CEO and global chair of EY, is making changes at the consulting firm. EY is undergoing transformations by merging its global regions and business sectors. The reorganization comes after the unsuccessful "Project Everest," which aimed to separate its audit and consulting divisions. EY is also addressing a slowdown in its annual growth.

Truncale, who assumed leadership in July, is working towards enhancing collaboration across EY's international network. The firm is now consolidating its 18 geographical regions into 10 superregions. Additionally, EY has expanded its EY-Parthenon brand to encompass the entire strategy and transactions service line. This move intends to bolster the organization's consulting capabilities.

EY-Parthenon, previously a part of the S&T service line, has grown to include 25,000 employees across 150 countries to meet evolving client demands. EY realigned its sector strategy by consolidating core industries from eight to six, with sectors now focusing on financial services, private equity, government, technology, media, and telecommunications, energy and industrials, and consumer and health.

Facing a decline in revenue growth to 3% from 16% in the previous year, EY has initiated layoffs while implementing these changes. In the UK, the firm is restructuring the UK Law business, emphasizing strategic areas aligned with the broader EY business and reducing workforce in other areas. Data reviewed by Business Insider indicates a reduction of 43 partners in the UK in 2024.