ERNST & Young (E&Y) has reported flat revenue growth across its global offices, falling behind big four rivals Deloitte Touche Tohmatsu and PwC.
The accounting giant posted $21.3bn (£13.3bn) in global revenue, marking a slight decrease from 2009 when global income came to $21.4bn.
The firm’s results place it behind Deloitte and PwC, which both posted increases in global turnover.
Deloitte saw global revenue of $26.6bn, while PwC’s revenue also came to $26.6bn, marking a rise on 2009.
E&Y’s figures were bolstered by its Asia-Pacific practice, which delivered a nine per cent rise in revenue. However, its remaining regions, including the UK, continued to suffer. Pricing pressure in the UK led to a two per cent decline in turnover last year.
Jim Turley, global chief executive said E&Y was “encouraged by the return to growth”.
E&Y plans to invest $1.2bn in developing its business over the next four years and will hire 3,000 people in the UK and 5,000 in China and India this year.
Deloitte said yesterday it also plans to invest $1bn to fund growth.