KPMG and EY demote partners in end of job-for-life model

kpmg and ey have started demoting partners instead of just asking them to retire. it's a clear break from the old job-for-life model at the big accounting firms. kpmg demoted about 30 partners in the uk and ey demoted a smaller number in the us, both citing performance issues. the firms are under pressure to cut costs and boost profits after a tough few years for consulting and audit work. historically, underperformers were quietly pushed out with a retirement package. now they're being moved down a rank, which hits pay and status directly. the change signals that partnership is no longer a guaranteed career endpoint at these firms.