The tough market for professional services firms weighed on the figures compared with last year’s $49.4bn and record growth of 14%. However, in terms of ranking the Big Four network was closing in on its competitors.

Over the year EY reduced staff numbers worldwide by 2,500 staff to a global count of 392,995, representing a 0.5% cut.

All service lines except audit saw a reduction in staff numbers, with practice support, and transactions and deals worst hit. On the plus side, staff numbers across the audit and assurance business increased with a nearly 2% hike in audit staff to a total of 127,617. The Americas division was worst hit by job cuts.