EY tells UK staff to expect cuts after breakup failure

‘Embarrassed’ bosses at accounting firm sound warning as global costs of failed split reach $600m

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EY has reportedly told UK staff to brace for a wave of cuts, after the business spent $600m (£480m) globally preparing for a now-scrapped breakup of its operations.

Bosses at the accounting firm told staff during a phone call on Wednesday that it felt like a “low point” for the business, and admitted they were “disappointed and embarrassed” by the deal’s collapse.