Latest news with #JanetTruncale
Yahoo
3 days ago
- Business
- Yahoo
Uncertainty is the new norm, says EY boss Janet Truncale. She's advising clients to rely on 'muscle memory' to get through.
EY boss Janet Truncale says that uncertainty is here to stay. She shared some advice for entrepreneurs and business leaders in an interview with Bloomberg TV. Lean on muscle memory and don't go it alone, Truncale said. Uncertain times are here to stay, according to the head of the Big Four firm EY. "Uncertainty is going to be the norm. It's going to be there for some time," Janet Truncale, EY's global chair and CEO, told Bloomberg TV in an interview on Wednesday. Business leaders are facing change and tough decisions on all fronts, from quickfire tariff policies and stock market swings, to how to implement AI and handle generational shifts in the job market. Truncale said that "confidence has been up and down in the C-Suite for the last year" and that technology, AI, and tariffs are all topics that entrepreneurs are talking about. Her advice for entrepreneurs and clients is to "stay the course and remember that muscle memory." Entrepreneurs should "go back to what you know and make sure that you don't go it alone," she added. "We've been talking to a lot of entrepreneurs who got to this point of their business without taking outside capital, without outside advice. And I think it's really important in our strategy and for all our customers, you don't need to go it alone," Truncale said. As businesses confront a new era of American trade policy, many are turning to consulting firms like EY for strategies to adapt to the rapidly changing regulatory landscape. The CEO added that in today's uncertain environment, EY's clients were focusing on transformation, growth, the customer, and cost cutting. As global chair and CEO of EY, Truncale is responsible for leading 400,000 employees and overseeing a global network that with revenue of over $50 billion last year. EY has faced its share of uncertainty in recent years. In April 2023, EY made headlines after a bid to split the firm's consulting and audit lines under the previous CEO, Carmine Di Sibio, fell apart amid infighting. EY has also been hit by the wider industry slowdown in demand for consulting services. EY's global annual revenue growth fell by 10 points in its 2024 financial year — the business grew by 3.9% compared to 14.2% in 2023. Truncale has pushed some major strategic changes since she took over as CEO in July 2024, almost one year ago. They include plans to merge EY's existing geographical regions into 10 superregions and the expansion of the EY-Parthenon brand to represent the entire EY strategy and transactions service line. Have a tip? Contact this reporter via email at pthompson@ or Signal at Polly_Thompson.89. Use a personal email address and a nonwork device; here's our guide to sharing information securely. Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Insider
3 days ago
- Business
- Business Insider
Uncertainty is the new norm, says EY boss Janet Truncale. She's advising clients to rely on 'muscle memory' to get through.
Uncertain times are here to stay, according to the head of the Big Four firm EY. "Uncertainty is going to be the norm. It's going to be there for some time," Janet Truncale, EY's global chair and CEO, told Bloomberg TV in an interview on Wednesday. Business leaders are facing change and tough decisions on all fronts, from quickfire tariff policies and stock market swings, to how to implement AI and handle generational shifts in the job market. Truncale said that "confidence has been up and down in the C-Suite for the last year" and that technology, AI, and tariffs are all topics that entrepreneurs are talking about. Her advice for entrepreneurs and clients is to "stay the course and remember that muscle memory." Entrepreneurs should "go back to what you know and make sure that you don't go it alone," she added. "We've been talking to a lot of entrepreneurs who got to this point of their business without taking outside capital, without outside advice. And I think it's really important in our strategy and for all our customers, you don't need to go it alone," Truncale said. As businesses confront a new era of American trade policy, many are turning to consulting firms like EY for strategies to adapt to the rapidly changing regulatory landscape. The CEO added that in today's uncertain environment, EY's clients were focusing on transformation, growth, the customer, and cost cutting. As global chair and CEO of EY, Truncale is responsible for leading 400,000 employees and overseeing a global network that with revenue of over $50 billion last year. EY has faced its share of uncertainty in recent years. In April 2023, EY made headlines after a bid to split the firm's consulting and audit lines under the previous CEO, Carmine Di Sibio, fell apart amid infighting. EY has also been hit by the wider industry slowdown in demand for consulting services. EY's global annual revenue growth fell by 10 points in its 2024 financial year — the business grew by 3.9% compared to 14.2% in 2023. Truncale has pushed some major strategic changes since she took over as CEO in July 2024, almost one year ago. They include plans to merge EY's existing geographical regions into 10 superregions and the expansion of the EY-Parthenon brand to represent the entire EY strategy and transactions service line.
Bloomberg
4 days ago
- Business
- Bloomberg
EY CEO on Entrepreneurship, Uncertainty, AI
More than a third of the finalists in EY's 25th annual World Entrepreneur of the Year are focused on AI. The event recognises the achievements, vision and impact of entrepreneurs around the world, and takes place at a time of financial volatility and geopolitical change. EY CEO Janet Truncale said business leaders and entrepreneurs are grappling with uncertainty, which has become "the new norm". On technology, Truncale says EY wants to ensure technology "underpins everything we do." Truncale joined Francine Lacqua on The Pulse. (Source: Bloomberg)
Business Insider
06-05-2025
- Business
- Business Insider
EY CEO says AI won't decrease its 400,000-person workforce — but it might help it double in size
If artificial intelligence advances mean the average employee can do twice the amount of work they do today, then EY CEO Janet Truncale could see the consulting giant grow without cutting her head count. Speaking Monday at the Milken Institute Global Conference in Los Angeles, Truncale said, "We're not going to decrease the size of our workforce" because AI increases productivity, and employees perform at a higher level earlier in their careers. Her 400,000-person firm works with the biggest companies in the world, but the data-heavy work required of auditors and accountants has led many to predict that firms like EY can do the same amount of work with fewer people, thanks to AI. Truncale believes AI "is going to transform the work our people are doing," but not make humans obsolete or eliminate thousands of jobs. "There's always going to be a human component," she said. "You have to invest in all of the soft skills," she added. Naturally, the firm is talking with companies in various sectors about AI tools they can incorporate into their firms. EY is able to connect with these executive teams because the firm is "client zero" and tests many tools on its own workforce and "disrupting ourselves" before recommending them to clients, Truncale said. There's a healthy respect for these tools given teams across the firm are constantly tinkering with them — of both the tools' abilities and faults. Data, Truncale said, and data security need to be top of mind for executives who want to harness AI. "You've got to be really careful with this technology," she said. While generative AI has disrupted professional services, many in the industry have echoed Truncale and said they do not think it can replace humans entirely but instead serve as a supplement to their work. EY and the other Big Four firms have invested heavily in AI for years and recently in agentic AI, which involves several AI "agents" operating independently and making decisions without the direct assistance or input of humans. In March, EY launched its Agentic Platform in March, providing 80,000 of its tax employees with 150 tax agents that can help them with data collection, document analysis and review, and income and indirect tax compliance. Other firms and consultants have also said they view AI as a way to free up staff from monotonous tasks and give them additional time to spend on more advanced or complicated work. AI has been a boon to consulting firms' business as clients look for guidance on how to incorporate the technology.
Yahoo
30-03-2025
- Business
- Yahoo
EY boss Janet Truncale pushes a major shake-up of the Big Four firm after her predecessor's attempt failed
EY is shaking things up under new CEO Janet Truncale, merging global regions and business areas. The shake-up follows the failure of "Project Everest," an attempt to split its audit and consulting wings. The Big Four firm is also trying to recover from a substantial slowdown in its annual growth. EY's head, Janet Truncale, took over as CEO and global chair last July, promising to foster greater collaboration across the Big Four firm's international network. Nine months into the role, EY is starting to see some big changes to its business lines and global structure. An EY spokesperson confirmed to BI that the firm plans to merge its 18 existing geographical regions into 10 superregions. Financial News first reported the plans. In another change, EY announced in a press release this week that it is expanding its EY-Parthenon brand to represent the entire EY strategy and transactions service line. EY-Parthenon, the firm's strategy consulting division, was previously part of the S&T service line and had around 9,000 workers at the start of this year. The newly expanded division now comprises 25,000 employees across 150 countries. The move is designed to strengthen the full consulting transformation capabilities of the organization, EY said. Andrea Guerzoni, EY-Parthenon's Global Vice Chair, added that client demand for strategic consulting had evolved amid geopolitical uncertainty and tech-driven transformational change. The expansion would help meet that changing demand, he said. Last year, the firm's sector strategy also received a shake-up when EY streamlined its core industries from eight to six. EY's key sectors are now: Financial services Private Equity Government Technology, media, and telecommunications Energy and industrials Consumer and health During the process, health, science, and wellness were merged with the consumer industry, as were energy and resources, advanced manufacturing, and mobility. The Big Four firm has laid off some workers as it implements the changes. Last week, EY confirmed to Business Insider that it was restructuring its UK Law business by "focussing on strategic areas with greater alignment to the broader EY business." The firm said it would continue to strengthen capabilities in corporate law, company secretarial, tax litigation, and immigration but would be laying off workers across other areas of its UK Law division. Partner numbers in the UK, where the global consulting and accountancy firm is headquartered, declined by 43 in 2024, according to publicly available data reviewed by BI. The previous year, the firm had added 27 partners to its ranks. The waves of change at EY come in the wake of the firm's failed bid to split its consulting and audit lines under the previous CEO, Carmine Di Sibio. Codenamed "Project Everest," the bid collapsed in April 2023 amid infighting and opposition from senior US partners. Truncale took over as EY's global chair and CEO in July 2024. In her first public statement as global CEO, she launched a new strategy called "All in," which emphasized collaboration and EY's unity as a single global operation — a clear break from the "Project Everest" mission. "The All in strategy is about shaping EY's next $50b through purposeful growth," Truncale said. The goal was to "build an even stronger organization by creating new ways to collaborate across EY's vast geographical footprint." Truncale is also tasked with helping EY recover from a dramatic slowdown in growth last year, a trend that also hit PwC and Deloitte amid an industry-wide drop in demand. In the 2024 financial year, EY's annual revenue growth fell to 3% from 16% the previous year, its poorest performance since 2010. Partner payouts in the UK were down by 5% last year. Have a tip? Contact this reporter via email at pthompson@ or Signal at Polly_Thompson.89. Use a personal email address and a nonwork device; here's our guide to sharing information securely. Read the original article on Business Insider Sign in to access your portfolio
