Ernst & Young has transferred Pauline Chung, a director in its private equity group, from London to Frankfurt, in a further sign that the London office is set to downsize.
Chung's move follows the recent news that Martyn Aguss, its buy-out chief, is to leave the firm at the end of June. A spokesman for Ernst & Young said: "The current decline in activity in the mergers and acquisitions market is having a direct impact on many businesses, including some areas of ours."
