EY cuts partner profit payouts by 20% in Britain during pandemic

LONDON (Reuters) - Global accounting and consultancy firm EY said on Wednesday it would cut profit distributions to partners in Britain by up to 20% to secure the long-term success of the company.

"Our business has remained resilient, but we have taken steps to look after our people and reduce and defer costs where possible," said Steve Varley, EY's UK chairman, said in a statement.

"Reducing partner profit distributions is a further prudent move in a time of economic uncertainty and will provide additional flexibility and improve financial strength.”

Rival Deloitte announced similar moves earlier on Wednesday.

(Reporting by Huw Jones. Editing by Jane Merriman)

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