Janet Truncale has implemented staff reductions and cost-cutting measures during her first year as EY CEO, according to the accounting giant's annual accounts. Global staff fell 8% to 964, while headquarters levied $1.8bn in fees from member firms—unchanged despite a 4% network revenue increase, signaling a deliberate shift in resource allocation.

The moves follow the collapse of EY's failed consulting spin-off attempt, Project Everest, which exposed tensions between the global organization and member firms. The global assessment fee now represents less than 3.5% of member revenue, down from above 4% historically, reflecting Truncale's promise to slim down central bureaucracy after years of friction.

Member firms sent an additional $3.2bn to the central body for services like shared technology, down from $3.4bn the previous year. Truncale is restructuring EY's central organization, eliminating management layers and devolving activities back to member firms to promote cooperation between regions and sectors while reducing operational costs.