The effect of the recession on the accounting world has deepened as Big Four firm Ernst & Young announced that 120 staff across its UK and Ireland firms were at risk of redundancy. These were the first job cuts at the firm, following redundancy announcements from other top firms made over the past six months. A spokesperson for E&Y said: 'Regrettably a small percentage of our people were recently put at risk of redundancy. This may result in a handful of job losses.' At the same time it emerged that E&Y's UK chairman Mark Otty saw his pay packet swell by more than 25%. Accounts lodged at Companies House reveal the firm's boss received nearly ￡2.2m in 2008, up from ￡1.7m the previous year. Average profit per partner rose 7% to ￡737,000 on a total fee income of ￡1.282bn for the year to 30 June 2008.
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