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| What's Behind Layoffs at the Big Four |
by Dona DeZube - September 19, 2008
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Recent layoffs at Deloitte weren't the first cuts made by a Big Four firm this year, but they were the most highly publicized. Every year, Big Four and next-tier firms have layoffs, but they do them in small pieces, spread them out geographically, and tend not to send out press releases about them. The story of Deloitte's layoffs broke on the blog Re: The Auditors, written and published by Francine McKenna, a Chicago-based, 20-year veteran of the professional services industry. Her resume includes stints at PricewaterhouseCoopers, KPMG/BearingPoint, JPMorgan and Jefferson Wells/Manpower. She's also outspoken in her opinions about the way public accounting firms handle layoffs and business planning.
The rise of blogging and the speed of information-sharing on the Internet makes it easier for laid off employees to compare notes, and harder for companies to downplay their reductions. "Whether they like it or not, information will be disseminated and people will put the pieces together and recognize strategic change," McKenna says. "There are vehicles for people to start talking about it and its better for the companies to communicate."
The Big Four often tell those being let go their performance was to blame because the idea that layoffs are a business decision rubs people the wrong way - especially when a company has publicized its profits, contends. In profitable years, layoffs raise questions about who should share in the firm's success, how profits are measured, and whether partners are the only ones who deserve the spoils.
The anonymous and anecdotal nature of posting on a blog also opens a firm to criticism from anyone with reason to suspect their employer considers them to be undesirable or a greater burden to employ. Pregnant women, minorities, those over the age of 40 and H-1B visa holders posting on McKenna's blog anonymously wondered if their special status led to their layoff.
It Really is a Tough Market
The blogs also had posters who argued public accounting firms are immune to the effects of the economic downturn. However, in times of distress, companies do scale back on projects and look to cut expenses - including dollars spent on their outside audit firm.
"If firms aren't good in forecasting that mood and planning properly, they're going to have this situation and, frankly, they're not very good at adjusting quickly to changing economic circumstances," says McKenna. "They're not stopping recruiting, they're not rescinding offers and that rubs people the wrong way."
Given that job offers are often made after junior year internships, it's difficult to reverse the recruiting process. Rescinding offers, or pushing back state dates as Ernst & Young reportedly has done in the United Kingdom, can create public relations challenges.
What if it Happens to You?
So what should you do if you're one of those let go? Dry your tears and get on with your career, says McKenna. "Unless you know you have performance issues, or public accounting is not for you, don't take it personally," she advises. If you had tenure or were a senior manager, the industry still needs auditors and accountants, and your experience is just want many corporations are seeking.
If you're an audit partner, check your back for targets. "I would not be surprised if they start cutting partners because they're overstaffed with audit partners," McKenna predicts. "It will continue to go that way if audit underperforms tax and consulting."
While a few top-level people will move into controller or chief audit executive positions, those jobs are fewer and farther between, McKenna points out. And it's just not the same as working in the Big Four. "You can join industry, but your job may not offer the same level of independence and self-direction, and your co-workers may not love accounting and auditing the way you do," she says.
Comfort in Numbers
For those cut adrift from Deloitte, there's always the cold comfort of knowing they weren't the only one who got the boot. KPMG and PwC both made cuts earlier this year. Meanwhile, McKenna has heard rumors that even E&Y, which had been picking up people earlier in 2008, is reducing staff in certain locations. Grant Thornton, BDO Seidman and McGladry's have all been cutting a little here and a little there, she says.
If you're caught in a layoff, think long and hard before you conclude it really says anything about you personally. "People need to do some soul searching and some real looking at their skills, rather than identifying with the firm or accounting," McKenna concludes. "Look at what you like to do and who you want to do it with and you’ll find your place."
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| FIGHT FOR YOUR JOB! |
on 16 Nov 2009 at 7:01 pm |
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Hey Americans!
Why don't you guys go for BIG protest in front of white house. Holp up Candle light or throw some stones!
Do something to chase out outsoursing worker to return their country or change the law to prevent from hiring from outside at lest...... You guy are not FIGHTSY enough ! |
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| mohammed (india) |
on 11 Nov 2009 at 9:43 am |
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| just want to work in london in any field, pls do help me |
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| Anonymous |
on 03 Nov 2009 at 10:13 am |
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| I agree. E&Y is to collapse soon, but not because they layoff their people, but because their officers are too hands off and they don't know what the local offices are doing. South East area is totally corrupt, they do whatever it takes to get a client and to maintain that client, even trying to fool the IRS, get involved in unfair competition, and discrimination. Their client review and acceptance procedures are a fake. People remember, they have to lay-off because they have offered many firm contracts to recent graduates and they don't want to look bad on campus. But they are hastening their own demise. Clients are not stupid, and IRS is not either. They will soon start looking at their clients with different eyes. Clients will get smarter and will know that they carry too much risk. Make no mistake; we have another Arthur Andersen on the making. It is better to get out now. If you were laid off count your blessings. |
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| Bill Davis |
on 30 Oct 2009 at 1:51 pm |
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| KPMG is very poorly managed. They've made a mockery of their "great place to build a career." Now they've just sacked fully one-fourth of the IT Group and are looking to outsource most of it. Wait till the pertners get a load of that level of service. Such greedy short-sightedness comes back on ya! |
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| Former KPMG (NYC) |
on 29 Oct 2009 at 7:30 pm |
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Lots of information on all of the Big 4 here:
http://goingconcern.com/ |
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| ex-KPMGer (Montvale) |
on 06 Oct 2009 at 1:59 pm |
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| KPMG layed off a ton of people in 2001. It doesn't matter what your situation is.They don't care. They have no heart. So when the partner's go to jail for criminal wrong-doing (they have and will continue to do so), I know there is a God that delivers justice. Karma is a powerful thing. |
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| numera (LA) |
on 02 Oct 2009 at 11:39 pm |
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| KPMG is one of the most insecure organization that I have seen in my career of 25 years. The have been in a continuous lay off mode. They had layoffs in March 2008,June 2008,Sept 2008, Nov 2008, Jan 2008, March-April 2009, August-Sept 2009. |
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| Anyone (Anywhere) |
on 01 Oct 2009 at 6:27 am |
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Tanisha,
The reason why they lay off solid, experienced people is because they get you cheap!!!!!! |
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| Past EY Employee (Cleveland) |
on 01 Oct 2009 at 6:23 am |
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After being "laid off due to a reduction in work force" last November, I can thank them for the favor of doing so because I found a better job and more money (pretty good for this economy)!
At first I was super po'd but now I could careless about the place. We all covered for a person who didn't know their job and they laid me off and not that person...go figure and at this point who cares! |
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| kpmg (HI) |
on 30 Sep 2009 at 4:38 am |
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| 2 (staff and sr assoc.) were laid off. 3 people quit for other reasons. audit and admin still unknown. tax dept has 4 people: sr. mgr, mgr, sr assoc. and staff. no cpa license, no promotion, therefore, slashed! so much for all the hardwork we did and this is the thanks we get...send all work to Q-Center (cheap labor). |
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| Matt (Minnesota) |
on 25 Sep 2009 at 11:44 am |
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| I am looking for position in auditing and I've always heard the Big Four is the gold standard in terms of the doors it will open down the road. So I have to ask, am I better off trying to make it in the Big Four, or sticking with a small or mid-sized firm? I know there has been a lot of Big Four bashing on this blog, but I want an honest opinion, as I do not want to set myself back by working for a no-name firm. What do you think? |
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| any (wild west) |
on 24 Sep 2009 at 9:34 pm |
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| KPMG North east and South East laid of over 100 people in the last 2 weeks. |
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| Money man (California) |
on 24 Sep 2009 at 7:53 pm |
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| Well, I used to work for a BIG4 , and I can tel you that if you were NOT one of those slender, cute, YOUNG Asian females, you did NOT get much attention, let alone any good engagements to get any experience. Being a nice looking, well-built caucasian male, I had to kick and scratch for work and even then, I was still not given good reviews like my cute Asian female counterparts. I left, went into private industry and passed the CPA exam and have my own tax clients. |
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| Anonomous (Phoenix) |
on 24 Sep 2009 at 6:41 pm |
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They (Grant Thornton) lay of people who had good reviews, in the prior perfornamce rounds by saying that you are not a good fit. So performance is not enough, you also have to be a good fit, and good fit includes knowledge and interest in baseball, football, must be a meat eater, and ready to hear the "f" word in the workplace.
I wonder, how sophisticated is this firm trying to get into the "Big" League? And I wonder why me? |
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| billy bob (southeast) |
on 17 Sep 2009 at 3:48 pm |
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| same issue- letting people go by intentionally lowering their performance ratings, after 10 years of solid ratings. any word on the package sizes? |
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| dsetny (ny) |
on 10 Sep 2009 at 8:21 pm |
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| @ Tanisho-please young one, get a grip- we all were willing to sacrifice to get that job, please remember-the big 4 especially will simply call you in one day and say (right before your wedding day or when you are planning to buy a house) -sorry we have to let you go....Believe me, you are not \"special\"...have a good day. |
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| d set ny (ny) |
on 10 Sep 2009 at 8:16 pm |
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| ok, young auditors-do you get it now? Read the past 200 posts and please figure out (especially after being "smart" enough to pass the CPA exam, lol) that even if you pass the exam, these CPA firms will "screw" you-keep in mind-use the CPA firms by only staying for 1-3 years, putting it in your resume and getting the hell out of there. Speaking from experience, and successful now! |
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| Tanisha |
on 03 Sep 2009 at 1:21 am |
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Well...I am a student applying for an internship w/a Big Four company. I know that (should I be hired) I'll be working some crazy hours. Luckily, this suits my work ethic. Beyond this -- hell I am prior service air force and national guard...ok? I was a combat medic(68w) though my primary position was an xray tech (68p)so... I'm used to slaving away for long and thankless hours until delirium sets in! (laugh)
Ever been to the 'field'? Ever been deployed? You don't know what it is to be worked like an animal until you've been in the MILITARY. Trust me.
So...fair or not, I expect long hours from this Big 4 company.That's a portion of the reason why they're on 'top', I suppose. *shrug*
It doesn't bother me.
One thing that I don't understand, though: Why layoff solid experienced workers & replace them w/ppl...well, like me? (laugh)
We're not paid less. In fact, where I'm located salaries for grads w/recent batchelor's degree in acct rose 1%. The demand for accountants is great in this area and another that I'm considering.
I'd played with the idea of growing with the company. Maybe...being Partner, someday. That'd be cool.(laugh)
Who knows? But -- I'll keep the suggestions of others (like JOHNNY, California and SEEN IT BEFORE, USA and others) in mind:
I'll work to create relationships -- create opportunities for myself -- and, most importantly, keep my resume in circulation. Just in case.
Anyway I've seen that the corporate world is cutthroat and read as much on this board. Well-- you have to look out for *yourself* anywhere, right? Can't expect everyone to look out for your best interests.
Corporations, big whigs and such will usually act in their best interests, after all? What else is to be expected?
I mean, I've seen folks employed with a company for decades only to be fired and lose everything they've invested (time, youth...mental hlth, etc). Not sure how some fall into this trap but it's sad either way.
Personally, I've filled the 'worker bee' role long enough to know that it's a thankless position. Sometimes you're just a cog in machine. Just because you're 'necessary' doesn't mean that you're 'important'. Doesn't mean that you aren't expendable, either.
Sad, but true.
...and yes --I used the military as much as it used me. Ask any vet they'll tell you. You might as well get something out of it.
With that in mind, I'll always perform to the best of my abilities but I'll never be more loyal to a company than I am to mySELF. I'm always on the lookout for bigger and better'. I believe in contingency plans. I always have a backup.
As far as I'm concerned. Still -- I want the level of *experience* that the Big Four offers.
Nothing more at this point. So I'll slave away for that only.
It's all about ME getting to the next level.
I work hard and I'm usually very efficient and capable in my duties.
So, if a company let me go...I'm sure that I can acquire work elsewhere.
I'm sure everyone else on this board will as well. This will pass, guys. You may be on to bigger an better. |
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| A (Northeast) |
on 30 Aug 2009 at 11:47 am |
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Managers and Partners in EY Boston treated minorities like s***. They did not provide food for minorities whereas they wanted those minorities to work late. They walked on the heels to make loud noise if you put food in the microwave before they did.
Evaluation filled up with lie and comments that were not true. EY will collapse soon because people consist of two groups, one from EY and one from previous Arthur Anderson. |
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| Mass resignations at Ernst & Young (Middle East) |
on 23 Aug 2009 at 7:04 am |
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A veil of secrecy surrounds the future of Ernst & Young with the mass resignations after partnership split.
Ernst & Young Managing Partner and more than 30 top senior partners are understood to have resigned following a major split between the advisory and audit practice last month (28 June), reports the Newsweek Sun newspaper.
Those who have resigned include Managing partner for advisory practice in the Middle East Mr. Omar Bitar, managing partner of audit practice in Saudi Mr Sami Frah, Head of management consulting practice in the Middle East Waddah Saleh, to list few. Remaining on the advisory leadership are very few who constitute another batch of partners who are believed to split at a later stage.
Mr. Ahmed Al-Aiban said he was not aware of the reasons behind the mass resignations in the Advisory.
From confidential resources to Newsweek Sun, they resigned voluntarily following the split to join their departing leadership to PwC. |
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| edna (chicago) |
on 11 Aug 2009 at 5:29 pm |
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| ey and deloitte laid off women about to go on maternity. the same women were also promoted just 6 months back. go figure... |
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| taken over (Burbank, CA) |
on 11 Aug 2009 at 2:21 pm |
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In Burbank, California I have watched one American after another leave my apartment complex and a H1-B worker move into the same apartment.
Out of the 30 apartments in our building, there were only three Americans left. This August 2009, I will be leaving, no one apparently wants to hire a self motivated CPA, big four experience, CMA, worker?
The apt complex is Avalon at Media center. |
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| Johnny |
on 06 Aug 2009 at 3:53 pm |
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| What's going on with support services at EY? Does anyone know if the CBK is going to be downsized even further? |
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| observer (New York) |
on 05 Aug 2009 at 3:10 am |
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Saw many US citizens got laid off, while EY, Deloitte, and PwC retain their h1-b workers.
I guess those h1-b workers are there for paperwork cleaning tasks, in addition to expanding outsourcing program in their native country (i.e: india).
til when american wake up and stand up? til all foreigners (i.e: indians) take away our jobs from our country? |
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| Anonymous (NYC) |
on 03 Aug 2009 at 12:57 am |
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| EY's NYC office. Actuary consultants were laid off. As far as I know, all of them are minorities/international ppl. The excuses were all the same "low performance". To do so, they had to admit their own review system is a joke since most of them got better-than-average scores. You simply can not trust/respect such a company. |
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| Steve (Tampa) |
on 24 Jul 2009 at 12:03 pm |
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| EY has had multiple rounds of layoffs over the past 15 months. All areas, Advisory, Tax & Assurance have been impacted. Many senior exectutives have been victims in the most recent round with addtional cuts likely for 2009. |
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| Tom (Texas) |
on 23 Jul 2009 at 6:01 pm |
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| I was laid off from PwC a couple months ago from an office in Texas. I would like to give my comments that PwC isn't different from other Big4. They are in very difficult situation and not profitable. People here are smart, and they do. They are smart enough not to make this news publicized before other Big4. What people are saying isn't wrong. PwC tries to move people around and reduces some benefits to keep people, but there is no promise that they are not going to lay off anyone. They are smart enough to find appropriate reason before terminating a staff: giving low performance evaluation, pushing people to work harder, or not giving good opportunity equally to staffs. They want to maintain only people they want, unfairness is around the firm. In my office, termination has been done through all levels from low-experienced associates to managers. I don't know a particular number as I have already left the firm. |
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| LOL (New york) |
on 23 Jul 2009 at 9:26 am |
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| EY laid off many international staff. |
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| Mark (CA) |
on 15 Jul 2009 at 3:08 pm |
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| Another round of layoffs this week at E&Y.. Good luck guys =( |
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| BDO has NO loyalty and discriminates (NYC) |
on 08 Jul 2009 at 1:58 pm |
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| The economic downturn is real but when you have a choice of laying off a loyal, pregnant female that has been with the firm for over 5 yrs over several new hires with no experience and not producing....why would you layoff the pregnant female. I have noticed that loyalty means nothing to them. For all those thinking of a career in public accounting, make sure to cross BDO from your list. Its not just the discrimination 2 pregnant females faced (both layed off right before there maternity leave) but they do not keep their word on the program called 'work-life-fit.' They should be ashamed to try to promote their flexibility. Word of advice...go private or just Else Where. |
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| Americano (NY) |
on 07 Jul 2009 at 11:14 am |
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| Many layoffs in Ernst & Young's TAS practice on June 28th. About 20% cut....nationwide |
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| anonymous in tx (tx) |
on 30 Jun 2009 at 12:03 pm |
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I worked at EY for about 15 months, in 2006-2007. During this time, I was constantly told was told that I was lazy, imcompetent, stupid...and given horrible reviews for projects that I had no experience in, was given no help with, and forced to work 12 hours a day, 7 days a week.
There is rampant favoritism, men are definitely given more advantages than women (although super-pretty females are always favored).
EY is terrible! I thankfully got out in 2007, and never looked back! |
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| Audit senior (Ukraine, Kyiv) |
on 25 Jun 2009 at 6:30 am |
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| In Deloitte office in Kyiv there is no consulting function now - almost all are laid off. Audit function is more robust but there are also lai offs after bussy season (partners, seniors and junior saff; managers - no). |
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| KNOWN (USA) |
on 24 Jun 2009 at 3:47 pm |
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| About 50 layoffs in the EY's TAS practice nationwide today. |
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| taxminority (ny) |
on 22 Jun 2009 at 5:44 pm |
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DT --- All compliance work was done in India. They will bring three indians every four months and after they went back to India they got the work with them.
what a joke??? |
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| Still Unemployed after almost a year (USA) |
on 22 Jun 2009 at 1:12 pm |
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| Please stop bashing the Big4 companies. Yes I am angry, sad, and stressed about being laid off. Yet you all are not thinking about the horrible alternative to the layoff. Companies are NOT hiring after finding out the disrespectful comments employees are quick to make after the layoff happens. And now that many of the Big4 are rehiring, they are afraid to hire any rehires after reading these comments. People you do not understand, after these comments we can not even get hired at a level, lower level, or worst a min wage job. It really is time to stop crying over spilled milk. |
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| Suprising (New York) |
on 17 Jun 2009 at 10:54 am |
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| Layoffs at EY today, various groups, Real Estate Tax, Provisions - Deep cuts, could be the beggining of more cuts to come this week |
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| LLEHOTOGGMPK (Montvale) |
on 15 Jun 2009 at 7:00 pm |
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| Not sure everyone knows this but because of KPMG the Real Estate market is in the tank and may take 10 years before it gets back to were it once was at. KPMG Partners are to blame! |
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| Target Practice |
on 09 Jun 2009 at 10:17 pm |
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| Hmmm....KMPG must have taken a page from Deloitte's actions. Surprised it's so blatant. |
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| Big4backstabber |
on 07 Jun 2009 at 7:55 pm |
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| KPMG has laid off 10 people, every single one of them a visible minority. Hmmm??? |
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| TennisAndTaxes247 (Sunny Florida) |
on 02 Jun 2009 at 1:59 am |
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| Similar to the comment above, public accounting is starting to feel the effect of the processing age. With XBRLs recent integration in ERP systems, the past role of "staff testing" is not as necessary. Now, only underlying programs need to be verified and deemed to be running correctly. Additionally, the power of programs like ACL make it possible for annomolies to be indentified by fewer staff. We are definately going through a transition in the world. Just think. When all ERP systems can speak the same language the neccesity of corporate staff accountants and general clerical accountants will NOT EXIST. Only a few high-level people with relevant experience will be needed to make judgement calls on how tricky transactions need to be reported. Staff testing and general accounting clerks is a quickly dying field. On a positive note, tennis courts basketball courts are free. I could shoot three pointers and play tennis all day and be content as a clam. |
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| CPAMJ (FL) |
on 29 May 2009 at 10:42 am |
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| I find it odd that many of the people posting seem to be shocked that there are reductions in force in the Big 4. Why would they be immune from this historic downturn? It only makes sense that they would need to cut costs. The firms are quite competitive so to suggest that they are unneccesarily cutting high performers makes no sense. This is a cash business and if there is a downturn in revenue you need to react quickly to cut costs. Payroll accounts for over 50% of costs so obviously needs ot be controlled. All big firms have made cuts. Some hide it better than others but they are all impacted in the same way. |
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| foulplay (midwest) |
on 28 May 2009 at 2:43 pm |
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| EY laid off Americans and retained all employees on visa. Should we be surprised? |
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| someone with a job (for now) (chicago) |
on 19 May 2009 at 2:56 pm |
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BDO Consulting is/was suppose to be an "up and comg" group, atleast that is what they r trying to market it as...they also have this whole womens initiative thing which just recently got maternity leave approved (before that they had none, zilch, u just got short term disability as maternity, can u believe that? bdo thought having a baby was like a having disability)
they also laid off a pregnant woman whos been working hard for three years, a new mom, a guy who devoted the last two years of his life traveling and working 60 hour weeks, and another guy whos been at bdoc since its inception
it seems bdo still thinks having a baby is a disability....and loyalty means nothing when you can hire other menials for cheaper! |
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| anonymous |
on 17 May 2009 at 1:29 pm |
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| to the previous post. that included staffs as well, ~70 ppl |
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| ex ey (ny) |
on 08 May 2009 at 11:03 pm |
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Lot of lay offs in NY FSO in EY on 20th April.
From seniors to Senior managers in audit |
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| american worker (San Jose) |
on 24 Apr 2009 at 9:41 am |
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| Outsourcing is here to remain - and the jobs that are gone there are not going to comeback, come what may - companies has a compelling proposition - even with the all downside(Communication, communication and communication etc) which is out there, at the end of the day corporation counts money and want to save more. If KPMG doesn\\\'t build a robust model around it - somebody else will - for example Deloitte has a huge center of excellence in places like India. Everybody in this whole world like to get things done cheap - be it large corporation, government etc, so the best way is to go the IBM way - sustain the workforce in US and build up work forces in cheap location and work on complementing each other - Build the next model around the Global Delivery piece and look at innovation around this. Politicians keep cribbing, but nothing is going to happen - Money matters - So lets approach it differently... |
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| JADE (NYC) |
on 21 Apr 2009 at 12:03 pm |
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Interesting read:
http://www.boston.com/news/local/massachusetts/articles/2009/04/21/accepting_rejection/ |
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| Outsourcing victim |
on 20 Apr 2009 at 12:26 pm |
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| I have had experience working on tax return prep with the Indian outsourcing team and hated the one who invented this \"outsourcing\". The timing difference definitely is a big issue. You could not communicate with them, unless you are working working around the clock. I ended up pulled back the whole thing and re-did it myself. It is so ironic that we Americans have to rely on people from another country to do our returns. |
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| taxdude (usa) |
on 20 Apr 2009 at 10:25 am |
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Outsourcing is definitely a part of it. With respect to KPMG, India-based workers ARE NOT employees of the KPMG member firm in India. The work for an outsourcing company that serves man clients, not just KPMG. They hire the workers, own the building, buy the computers--we just pay for their services. I worked in India for 3 mos training this people to take our jobs, so I know. And new people get paid $250/month in India FYI--pretty big incentive given bloated Associate salaries.
Big Four are using this recession to re-envision their busines. The numbers frankly aren't that bad--they are just cleaning house and doing more with less. And of course they are lieing about it--Big Four types don't make partner until they've learned to use the double-speak, non-answer answers, and bald faced lieing skills that are so prized among their ranks.
Don't trust big four partners any further than you can throw them, and always keep your eyes peeled for the next opportunity. |
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| MD Auditor (Maryland) |
on 15 Apr 2009 at 10:27 pm |
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| Link, I don't consider it traditional outsourcing. However, you can't deny that that reason for the work being sent to India is cheaper labor. |
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| link (NJ) |
on 15 Apr 2009 at 11:09 am |
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To the comments about outsourcing to India:
The outsourcing to India goes to Big-Four offices set up in India. They are actually employees of Big-Four, so you can\'t actually call it outsourcing. It is internal within the company, just a different division. If you don\'t think that\'s fair, remember that none of the Big-Four are American companies. Arthur Anderson was the only American firm of that size, but is no longer. |
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| MD Auditor (Baltimore) |
on 14 Apr 2009 at 10:49 am |
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As mentioned already, I definitely knew something was wrong when we sat around for the first 3 weeks of busy season waiting for work to come back from India, only to do it all over again because it was done correctly the first time.
After being laid off in March 2009, I have been lucky to have found another job. I start at the end of this month (April). I was actually expecting to take a pay cut, but they actually offered me a higher salary; the hours are also better. 40 week hours, here I come. |
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| Anonymous (Texas) |
on 12 Apr 2009 at 3:03 am |
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| KPMG is offering the option of a 3-4 day work week (with reduced salary of course). Also encouraging staff to volunteer for sabbaticals (1-3 month) at a portion of current salary. |
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| hh (Yemen) |
on 08 Apr 2009 at 3:54 am |
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| They sould fire the partners or directors as they earn a wealth of money instead of firing the actual people who bring the money to their firms. Deloitte has hired too many directors and partners with very high salaries while these same directors have not bring business to the firm with even 1/10 of their salaries. That is really really weird. |
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| KPMG Tax Layoff (Philadelphia, PA) |
on 06 Apr 2009 at 11:30 am |
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I too was recently let go by KPMG on March 18, and was given 2 weeks to stay there and use the facilitates, then given a 1 month severance. I started in Oct 2008 after tax season, barley got any real experience and was laid off. I also think it was because of the workers in India, because there would be times where I would be doing nothing just waiting for work to come back from the Q-Center.
Me and 2 seniors were laid off in Fed Tax, and I think 5 were laid off in SALT. I guess nobody is immune from this crisis. |
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| Anonymous |
on 06 Apr 2009 at 6:11 am |
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| EY in Boston laid off people in Northeast last Thursday. Not too sure of the final numbers. Rumor has it financial services is going to happen in two weeks. |
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| froggie93 |
on 02 Apr 2009 at 8:34 pm |
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I'm curious as to where the work is going if it's not going to the Big 4, and it's not going to the regional firms? I mean, every publicly-traded company MUST have an audit, regardless of how poorly they are doing. Every company MUST file a tax return with the IRS. So, where's the work flowing too? It's not to Big 4 firms, it's not to the regionals, and the local firms can't handle clients of that size/complexity.
Just curious if anyone had any thoughts. |
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| Silvy8484 (Chicago, IL) |
on 02 Apr 2009 at 1:28 am |
|
| I work for E & Y in Chicago and they are laying of BIG TIME! A ton of people let go about a month ago. And today another 5 in my group of 50 people. I do not know if its better to be a staff or a partner at this point. They are making cuts everywhere. Good luck everyone, this economy sucks. |
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| recently let go (chicago) |
on 02 Apr 2009 at 12:26 am |
|
| i was laid off march 19th from kpmg. i worked in the tax practice and was extremely chargeable so it was definiely a shock that it happened when it did. i knew layoffs would more than likey occur later on this year but not in the midst of busy season. but i guess with the increasing use of indian workers it was only a matter of time. at first i was extremely hurt because i was busting my ass, was mentally and physically exhausted from the ridiculous hours only to be thrown to the wolves. but i've come to terms with it and see it has a blessing because i knew public wasn't for me at the end of the day. i received a month of severance and i just started with the firm in july of last year. i'm sure this is just the first wave of layoffs so good luck to those that remain |
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| lifesucks (NY) |
on 02 Apr 2009 at 12:07 am |
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| McGladrey laid off 45 people on 3/30 in the NY offce. Numbers are supposed to reach 120. |
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| laid off (SoCal) |
on 01 Apr 2009 at 3:09 pm |
|
Its true at EY, there were two days of layoffs this week and across all levels except for partner.... I think that's coming too.
I counted about 20-25 at least from what I heard, at least, cause that's all i heard. Well, off to video games, waking up late, and beer for me for a month..... |
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| MD Auditor (Maryland) |
on 01 Apr 2009 at 11:29 am |
|
| Reznick Group let go of 10% of it's workforce on March 17, 2009. I was among that wave of layoffs. "It was because of the economy, and it wasn't performance based". |
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| Seen it Before (USA) |
on 01 Apr 2009 at 9:55 am |
|
Layoffs in EY SF yesterday. They said they were taking 5-6% of every unit, and that they anticipated a "permanent reduction" in business as a result of the economy.
I've been through this kind of thing before, and they do play the "it's not us, it's you" game when they let you go because they would rather you spend your nights tearing out your hair wondering how you failed them than admit they failed you. But, in reality, all of these places fire people at the drop of a hat for even mediocre performance. If they really thought you sucked, they'd just fire you straight off and leave you without access to unemployment insurance. At least you get UI with a force reduction, so the company isn't leaving you with nothing and possibly permanently alienating you. In a weird way, it's a sign of confidence.
That said, if you work at EY, or really at any of the Big 4 I guess, the lesson learned is that you should always be floating your resume and keeping your eye out for the next opportunity. Never, ever stop. You are never safe, no matter what line you hear from the partners. They are loyal only to their profits and you need to be loyal to yours. And if you are a top performer, that's something that makes you very marketable and you should be milking it every step of the way. Every day you should ask yourself what do I have to offer now that someone else would pay a higher price for? |
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| Terminology (Minneapolis MN) |
on 31 Mar 2009 at 8:52 pm |
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| What does "NI" mean? See post that states: Last year they laid off the 'NI'. |
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| CPA (SF) |
on 31 Mar 2009 at 1:39 pm |
|
EY - Pacific North West announced lay off this morning. They have decided a total number of 88 people in audit, advisory and taxes. All affected people will be notified by the end of the day today and everyting will be wraped up by Friday this week.
I guess they are trying to have a clean balance sheet when they start their new year effective July 1, 2009 |
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| tans (CA) |
on 31 Mar 2009 at 1:28 pm |
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| Hundreds of layoffs at EY today |
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| Anonymous (West Coast) |
on 31 Mar 2009 at 2:09 am |
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| Glad I left Big 4 as a senior and decided to switch career (Healthcare) before all this joke. |
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| notworriedatall |
on 30 Mar 2009 at 6:11 pm |
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| Laid off by BDO today. Was told because of "economic" circumstances, not performance. Worked 60+ hours a week for 3 months and this was the bonus I got...2 weeks severance. |
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| Jerry Y. (So-Cal) |
on 30 Mar 2009 at 5:03 pm |
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| Big layoffs in So-Cal today at EY, good luck guys. =( |
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| Econo-Girl (DC) |
on 29 Mar 2009 at 10:50 pm |
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| The US Government is firing Americans and replacing them with Indians. This is being done through the big accounting/consulting firms that get the big government contracts. The American contract employees are being replaced with Indian ones. You can't eat off of the fat of the land and then turn around and screw the people who are hiring you. All US Government contractors should be American citizens. |
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| gt (chicago) |
on 29 Mar 2009 at 4:11 pm |
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| grant thornton chicago office let go 30% of its second year. this is a very conservative company, not diversified at all. |
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| Anonymous (NYC) |
on 28 Mar 2009 at 10:35 pm |
|
| Someone asked if this was only at the Big 4- well your answer is NO. BDO Seidman let go of at least 6 people in the NYC office. And the rest of the week they let some go from the Long Island, Westchester and NJ office. And get this, they let go of a 7 1/2 month pregnant woman! I was stunned to hear this. Actually many of us still are b/c she was at BDO for over 7 yrs and was a great worker (smart, personalable and very dedicated). This layoff disappointed many of us at the Company and really make us think of the place we are working in. |
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| KCC (EAST COAST) |
on 28 Mar 2009 at 10:06 am |
|
| True, married women were targeted.....a highly capable colleague, with medical disability and no performance issues was laid off recently, you know by whom! |
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| johnny (California) |
on 24 Mar 2009 at 9:30 pm |
|
As the last paragraph of article notes, "If you're caught in a layoff, think long and hard before you conclude it really says anything about you personally." All of us learned about business cycles (or have lived thru them). To think any professional services firm is immune to this economy is not realistic - however, the last few years of strong economy combined with SOX created a boom for Big 4 and others.
I agree with the last couple of posts. In the Big 4, it is all about who you know, what clients you are on and whose rear end you can kiss. However, I'd word it differently. It IS about developing & maintaining 1) a great network of peers, mentors & managers, 2) skills and knowledge that make you a valuable team member, and 3) understanding how to best position yourself for success. If you've done these things and you're still laid off, I also agree "it is what it is..." But if you've done these things and are laid off, and keep the positive attitude that likely helped you get hired in the first place, I'm willing to bet you'll find professional and personal success, no matter how bleak things may look in short term. |
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| KPMG tax employee (SJ) |
on 24 Mar 2009 at 11:09 am |
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| Does any one know if KPMG is laying off tax people after the season? Last year they laid off the 'NI'. How about this year? In addition, what do you know about severance payments they are making? |
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| SME (Indiana) |
on 23 Mar 2009 at 3:33 pm |
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| KPMG laid off 2 weeks ago and guess what? The "Employer of choice" targeted part timers, women, disabled and other minorities. Contact me for class action law suit. Selling engagements at KPMG was like selling a 2 legged stool. What an incompetent firm. |
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| New CPA in MO (KC, MO) |
on 19 Mar 2009 at 10:59 pm |
|
I was reading a couple of these blogs last week saying that layoffs would hit the week of March 9-16. I thought my office was in the clear. Boy was I wrong! I work for KPMG in KC and there was about a 10% layoff yesterday and today. There had been rumors surfacing for a while, so I saw it coming. Others laid off did not and were absolutely devastated.
I agree with the last post. In the Big 4, it is all about who you know and what clients you are on and who's rear end you can kiss. The only thing that really gets me is that the firm had just hired a bunch of new hires, and then lays off mainly their second years (at least in tax). It doesn't make sense to me... unless they figure they can get new hires to do the work cheaper? And those laid off were not "NI's." The majority were "strong" performers. But alas, it's completely out of my hands and it is what it is... |
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| deepthroat (U.S.A.) |
on 19 Mar 2009 at 9:24 am |
|
It is all a political game of who you know and what partner you work for with regards to reviews, promotions, and raises. Unfortunately, it is what it is --- a common comment you have come to know very well.
On another note, here are some hard numbers for you. KPMG is laying of 2,000 people. KPMG U.S. employs approximately 21,000 people so it figure out to be about 10% of the work force rather than the 35% previously noted. |
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| Anonymous |
on 15 Mar 2009 at 10:15 am |
|
A voicemail sent out by the managing partner at EY on Friday 3/13 dictated that there was a strong possibility in the "reduction of staff" across different geographic regions.
Being a new staff at the firm, I'm extremely troubled by this. I've noticed that since the rumors of a layoff surfaced, the ugly sides of people have come out. There were layoffs in August of 2008 right before the training started for new hires.
Due to the fact that there is indeed rumors of layoffs, I have heard horror stories from staff people whose seniors and managers are so incompetent and blame their staff for their own shortcomings. The review process revealed this when my senior (who told me I was doing a great job), blindsided me on my review and called me lazy, disrespectful, incompetent, and also accused me of studying for the exam while at the client! This was related to interim work, and needless to say that since she couldn't oversee a job, we had to work 2 extra weeks because she pushed all the interim work to year end.
This is happening to staffs in other offices, too. So, the low people on the totem pole get screwed and are in no position to defend themselves. They do layoffs based on performance, and because my senior couldn't do her own job, she blamed everyone else for it. I don't know if people at other Big 4 have this problem, but it's rampant at EY. |
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| Wow (NTC) |
on 14 Mar 2009 at 1:37 pm |
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| Can't believe all these coments... its a shame because of all the Big4 every one is complaining about; I have not seen one about PWC. Are they the only Big4 not laying off people? |
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| FormerEmployee (East Coast) |
on 10 Mar 2009 at 10:16 am |
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| MASSIVE gutting of the Advisory practice at KPMG yesterday and today. Hundreds gone. |
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| silent observer (NY) |
on 09 Mar 2009 at 5:07 pm |
|
I work in Ernst & Young and know that all most all department had lay-offs across the nation. I understand the motive behend these layoff - it is a question of survival for the firm now.
I know that they are trying a big time layoff in Transaction Advisory Services (last lay off in TAS was Nov08). God Help us all!!! |
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| auditor (NY) |
on 05 Mar 2009 at 8:43 am |
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| pwc is doing what you said and doing it right.. they just announced a pay freeze for all non-promoted associates in the current fiscal year... this is fine with me, i am happy to have a job :) |
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| anymouse (Texas) |
on 02 Mar 2009 at 11:49 pm |
|
Is there some reason why the big four in the United States haven't offered a four day work week or unpaid leave as a way to reduce expenses?
The four day work week seems to be very popular with the KPMG staff in the UK.
http://www.accountancyage.com/accountancyage/news/2235996/seven-ten-kpmg-staff-apply-four |
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| anonyomous (US) |
on 02 Mar 2009 at 10:40 pm |
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| Huge wave of layoff expected in KPMG US, it may go upto 35% cut in work force this month |
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| Polarbear (dallas) |
on 02 Mar 2009 at 12:26 pm |
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| My wife worked at E and y and now KPMG. both places have sent there clerical jobs to INDIA.. there greed costs american jobs.. SMAME on these companies.. I can only hope all ther misdeeds come to light and the all the execs go to jail for there fraudulent behavior. |
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| Michelle - Graphic Designer (Wilton, CT) |
on 01 Mar 2009 at 8:05 pm |
|
I was laid off in October from Deloitte. They give you that day to leave. No warning. As I understand they have to cut back, I think they could at least offer you a bit more time to gather your stuff from your office at a later time when you are not emotionally wrecked. I had no opportunity to gather portfolio pieces. You are just expected to go. Also, dealing with HR after you are gone - Ha!!! You are treated like a leopar after you are dismissed.
If anyone needs some graphic design - I have 16+ yrs or corporate experience! LOL
ct_linedancer@yahoo.com |
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| KPMG (Montvale) |
on 25 Feb 2009 at 8:14 pm |
|
| KPMG screwed me Big time. I was labled a star. I recieved a raise and a bonus and then the next minute they said I was not a good fit for the job. What a Bunch of slimeballs. Loyalty and hard work certainly doesn't count at KPMG. If they wanted to save some money they should really looked at all of the middle management. What comes around goes around and I will be laughing my ass when KPMG get hits with a big fat law suit after for their involvement in the Madoff' scandel.. |
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| Displaced KPMG IT Staffer (Montvale) |
on 23 Feb 2009 at 3:07 pm |
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| Loyalty and hard work certainly doesn't count at KPMG. |
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| thetruthbeknown (NYC) |
on 23 Feb 2009 at 10:42 am |
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| PwC is letting people go in all service lines, they just do it a few here and there. I heard it called the "suggest you find work elsewhere" downsizing. They know that by letting go of older folks, this will decrease the bottom line costs for medical, salary and other expenses (younger = cheaper). |
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| Anonymous (KPMG) |
on 22 Feb 2009 at 1:26 am |
|
| The mindset that KPMG uses in getting ready for layoffs just leads to unethical and unprofessional behavior. Individuals begin to abuse power in an attempt to setup others for the layoffs. You can be a top level performer, bring in more business then you should for your level, and the uppers will move to position themselves to take over the relationships you have built to add to their revenue. Now if you decide to be better than them and leave, they will do what every they can do to destroy your professional reputation as they fear you will take the business. I will stand for it no longer and am moving to end the behavior. Join me and unite. Report all unethical and unprofessional behavior and report the efforts to cover up what has been taking place. After all, they are only creating risk for the firm and you know how the firm does not want to take on risk. The ethics reporting line is truly confidential if you are afraid of retaliation but I encourage you to tell what is going on in preson to stop this behavior. |
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| hhccoo (SW) |
on 19 Feb 2009 at 5:44 pm |
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| E&Y is not finished with layoffs. Just wait until busy season if over. After working 24/7 then here we go again... wonder who is getting their pockets full? |
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| Promised! |
on 11 Feb 2009 at 4:09 pm |
|
| PwC has promised that it will not lay off any employees, and will instead cut back on programs and expenses. I hope this remains the case. When KPMG laid off auditors a few months ago, PwC actually picked a few of those up in my office. We are still hiring, but have slowed down drastically on a national level. |
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| Bob (Florida) |
on 06 Feb 2009 at 10:34 am |
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| Does anyone know someone in the Transactions Advisory Services that was let go? If so please have them email me at buschmanstl@yahoo.com. I know a company that is looking for some individuals with that work history. Thanks. |
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| Anonymous20491919 (Monroeville Pennsylvania) |
on 03 Feb 2009 at 7:29 pm |
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| Contact us- those who have been let go by EY. We have SEVERAL opportunities open at Fortune 500 companies in Audit. Excellent Opportunities. Wide variety and several locations across the country. Contact Jeannie or Orlando at Porter Consulting 412-380-7500. |
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| ChosenOne (Atlanta) |
on 02 Feb 2009 at 9:36 pm |
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| Reading these posts make me think twice as to why did I choose this profession... Corporate America is a dirty game. I haven't even started my internship and having read these posts makes me wish that I had chosen Medicine. You'll never experience a layoff as a Doctor. |
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| froggie93 |
on 29 Jan 2009 at 9:58 pm |
|
Just the other day I was searching for jobs on Monster.com (I do it for fun....I like my current job), and lo and behold I see a job posting at the Big 4 firm and office I got asked to leave or transfer from back in August due to downsizing, and they are hiring an audit senior! If they hadn't let me go, they would have their audit senior this coming summer/fall, lol! I also know of another person who was let go from the same office in November who was in the IT audit group, but used to be in core assurance. He could have probably taken on the role of a senior in core assurance.
In a twisted way it makes me happy because they probably trimmed all of their "excess workforce," and then somebody decided to quit, and now there right in the middle of busy season with SEC deadlines around the corner! So, either the poor seniors and managers are working extra to make up for it, or they had to bring in a senior from another office and pay $1,000/week for travel expenses! Maybe they will learn that you can't expect people to be loyal to you when you're not loyal to them, lol! :-) |
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| Big4ever (NY) |
on 29 Jan 2009 at 11:12 am |
|
| This is terrible- haven't they considered reduced work weeks or elimination of bonuses? I read that a lot of companies public and private are going to alternatives in order to help SAVE jobs. Does anyone know if any of the big 4 are doing this? |
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| Anonymous |
on 29 Jan 2009 at 7:39 am |
|
| I worked for EY for almost 10 years and had stronger skills of several in my department and I was "laid off due reduction in workforce," and they still kept a temporary employee!! My direct supervisor and an HR person called me into a conference room, my supervisor told me what was going on and then left! The HR person was crying and asked my why I wasn't...I told her it was the best thing to happen to me! I asked her why she was crying and she said it was her job. PLEASE. They are laying off people with 20 and 30 years loyalty and all they get is a 3 month severance package! The partners wallets get fatter and they let go the ones who make them look good! I just wonder how much Jim Turley makes and how he would handle be "laid off due to a reduction in the workforce" and the firm put someone in his place with less experience!! |
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| The Pain (NJ) |
on 23 Jan 2009 at 9:54 pm |
|
| The pain and suffering continues E&Y laid off 55 people this week just in NYC. Leadership continues to tell, look for work... knock , knock, knock on partners doors... there are plenty oportunities and new projects coming, however the thruth is, E&Y is loosing big clients big time. What goes around comes around. Partner's wallets are getting fatter and fatter even under this economic crisis. The blame for the lay offs is on poor performance, low utlization, but if there is nothing to do, what do you do? Any one out there looking for big 4 experience THINK TWICE if not 4 TIMES these are blood suckers; they work you out til midnight 7 days a week and throw you out like nothing. I just got laid off this week, and if you think that it was because low utilization and performance you are wrong, i was utilized and had excelent reviews. I also witnesed how a few manager and senior managers went through the same and how many do not trust any partner any longer. This crisis is getting worse by the day not because of low jobs, it is GREED. |
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| CT (CT1) |
on 17 Jan 2009 at 7:55 pm |
|
| I was just recently laid off from E&Y after 4 years ( 5 with my internship)- Never would I have a bad word to say about my experiences there and the people that I worked with. It was sad and unexpected sure - and of course I was bitter at first but each one of us got as far as we did becasue we are hard working and smart. I take it as I am lucky to have made the connections that I did during my time there as they are are still there for me in my current job search. I think we all need to take it as a life experience and a chance to not work a million hours a week. Good luck to every one - keep your head's up and be thankful we have our degrees in accounting which is always in demand - at last we have some chance in this disgusting economy!! |
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| Delvo111 (New York City) |
on 15 Jan 2009 at 5:07 pm |
|
| I got "laid off" from KPMG about six months after 9/11. Havent looked back. It was a blessing. Am a partner now in a small firm and loving it. Anyone with a CPA can go out and with a little patience build a solid sustainable practice |
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| Thnextstep (NY) |
on 12 Jan 2009 at 8:00 am |
|
| Yea EY Layed lots of people of the week of Jan 8th.....Alot of admins about 40, I was shocked to see the ones who were let go...people who were with the firm 20 plus years, have half their life and loyalty to this firm, but at the end of the day we are just some numbers to them, they let admins go, mail room people go, facilities services...and IT...I was one of the people let go ive only been with the firm 3 yrs....I also heard after that day more people we let go from the office as well (NY) I dont think its goin to stop any time soon.....I heard this week also... |
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| NewYorker (NYC) |
on 10 Jan 2009 at 8:45 pm |
|
EY did its first big round of layoffs this week. They do things in waves. The first big hit was in the administrative depts.
Nothing was done with compassion. All people were told was reduction in workforce. Oh btw nobody was "fired", they were "counseled out". What was so sad is people with 20 years with the firm got cut. All loyalty is gone, everybody is fair game from now on.
Also, the client serviing folks think they are safe becuase they think only the admins were going to get fired. What they don't know is next round of layoffs are next week. Those are for client serving. They will be in for a big surprise. It is amazing how EY can keep things so quiet. |
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| Grant Thornton (Mid-Atlantic) |
on 10 Jan 2009 at 10:30 am |
|
| Grant Thornton's Mid Atlantic Office (McLean and Baltimore) just layed off 25-30 people. Mainly in their consulting practice (BAS portion of Advisory Services a.k.a SOX people). The auditors will be layed off after busy season... |
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| M (USA) |
on 09 Jan 2009 at 12:22 pm |
|
| BIG4 Blows - If you feel so strongly about it, why don't you quit? I also work for a Big 4 and love it. It's the best job I've ever had. Sure we've had layoffs, but I still say "the worst day at my Big 4 firm is still better than the best day at most of the non Big 4 firms I've worked for." Think other places are better? Go try them. I bet anything you will boomerang. I've been through much worse stuff at other companies ... a bankruptcy, two acquisitions (where the companies I worked for were bought and most of us let go), and a dispute that destroyed a company during a leadership transition. Nowhere is perfect, but I have to say my experience in the Big 4 beats the outside world. The only thing I think that might be better is owning your own company ... but then everybody can call you "crooks and a bunch of @$$holes" on an anonymous blog just because you own the place. PS - No I'm not a partner, not even a client service professional. |
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| BIG4 Blows (California) |
on 07 Jan 2009 at 10:36 pm |
|
| All of Big 4 appears to be having upcoming layoffs in 2009. It is nice to be used during busy season then let go as soon as it is over. I understand, it is just business. Right... these people are the worst of the worst. Anyone considering a career in Big4 should think again. No, I am not bitter. I am still employed by one of the Big4 and am in no way threatened by a layoff. However, as soon as I have a way out, I am gone. If you are still employed by Big4, NEVER decide to stick it out because you think it is good for your career and that they care about you. They do not! You are nothing to these selfish people who use you and milk the life out of you. Ever wonder why there is so much corruption among business? The auditors support it. When you find an accounting error or irregularity and are told to MIGA (MAKE IT GO AWAY) you know this is the problem! They're all crooks and a bunch of @$$holes I will never consider working for again if I ever make it out! |
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| Ruth ((NJ)) |
on 18 Dec 2008 at 11:16 pm |
|
| There rumors that EY will layoffs more people in January 2009. Get prepared and Happy New Year! |
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| Raya (Los Angeles) |
on 10 Dec 2008 at 12:36 am |
|
| I was a part of the 22 lay offs at Deloitte and Touche today. They let go of 15 seniors and 8 semis, I was personally called by my partner and told it was because I hadnt passed my CPA as I was highly rated for the past 2.5 years. Well maybe I would have passed my CPA if I wasnt working during my PTO time. So its never enough. I look forward to venturing out of public accounting but the approach to my being laid off was ridiculous |
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| Carl (Louisville) |
on 08 Dec 2008 at 6:26 pm |
|
| EY laid off 48 in Indy/Louisville/Cinci/Dayton market in October/November 2008 |
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| Friend (London) |
on 04 Dec 2008 at 8:29 am |
|
| distressedauditor - same situation on this side of the Atlantic. Just heard from a friend today that 200 ppl are being laid off by BDO in London. |
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| DivaDivine |
on 24 Nov 2008 at 12:55 pm |
|
| EY is laying off people, contractors and staff who've been here years. Same old song and dance about us being "financially sound." |
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| distressedauditor (Chicago) |
on 23 Nov 2008 at 9:06 pm |
|
| BDO has been cutting people since June, a senior manager was recently let go, so be careful going there young auditors |
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| Anonymous |
on 21 Nov 2008 at 12:59 am |
|
| KPMG - Silicon Valley Office, 18 associate and staff got cut on 11/12/08 |
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| Saladkid76 (Boston) |
on 18 Nov 2008 at 10:14 pm |
|
EY- La yoffs in August (about 5 or 6 in the FSO practice alone). Staff 1 - Senior 2.
November - several high level (senior manager layoffs)
There is concern/talk about the office regarding post-busy season layoffs. |
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| CPA574 (Atlanta) |
on 13 Nov 2008 at 10:29 pm |
|
| I can confirmed that Ernst & Young is laying off people big time, specially this month in most of the practices (Advisory, Core Business, Information Technology, etc.) |
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| FINNY6944 (BOSTON) |
on 11 Nov 2008 at 4:48 pm |
|
| AT LEAST 1 LAYOFF AT KPMG TODAY..ANYONE ELSE GET THE BOOT? |
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| noname (chicago) |
on 06 Nov 2008 at 3:39 pm |
|
| Yes Ernst & Young is laying off big time in 2008. No surprises, too many upper level folks with less engagements. The staff and senior level were hit as well and the lay offs continue. Its unfair that they don't publicize but I think they are trying to control the number of folks voluntarily quitting die to rumors about layoffs. |
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| froggie93 (US) |
on 30 Oct 2008 at 7:39 pm |
|
As a former E&Y employee, I can attest to the layoffs. I was a Staff 1 about to become a Staff 2. I even got a 3 ("meets expectations") on my annual review. This past August, I had a meeting with a person from HR and a partner. They offered me the "opportunity" to transfer to an office in a city a few hours away, or to simply resign, and that my last day would be about a week and a half from then. I got paid through then, plus two weeks severance pay and accrued vacation. They cleared my schedule and told me I could come into the office or not come into the office, and wanted to know within a week if I wanted to transfer.
The good news is that I went job hunting, and within a week had two jobs offers - one from a regional firm and one from a larger local firm. The one offer was 15% higher than my pay at E&Y, and the other was 22% higher! I picked one of them, and have enjoyed my new firm, and am glad I made the decision I did. Maybe I made the wrong decision in the long run, but I didn't want to relocate (besides, they offered no relocation package, other than MAYBE giving me a few extra paid days off to actually move).
But yes, I know that E&Y essentially laid off (although they didn't call it that) one person! I still think highly of E&Y, and don't mean to speak badly of them. However, the layoff rumors are true! |
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| NewCPA (California) |
on 29 Oct 2008 at 12:03 pm |
|
What Layoffs:
At our small CPA firm and countless of our local competitors we had a very busy season starting 11/2007 through 10/15/2008 tax extension deadline. Experienced staff is hard to hire and a person could switch jobs in a manner of days if one wants. All this despite the terrible California economy. Raises and bonuses as usual were given out this year. So for the small time CPA things are pretty hot. |
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| Anonymous |
on 22 Oct 2008 at 10:29 pm |
|
| BDO just laid off over 30 new hires. |
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| Senior Accoutant Needed (New Jersey) |
on 20 Oct 2008 at 1:15 pm |
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I've been doing some reading about the Big Four layoffs and I just wanted to put it out there that I am currently searching for two senior accountants with at least 3 years of public experience in New Jersey. If you know of anyone that is interested please pass along my email address.
THANKS!!!
ncm.0703@gmail.com |
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| Stressed/concerned (Chicago) |
on 18 Oct 2008 at 9:31 am |
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| I's a sacry world out there. My firm is not exacly BIG 4, but we're pretty big with about 250 tax, audit, client accounting services staff. My firm has been laying off and terminating people from all levels since April 2008 up until even now! I fear the uncertainty and hate waking up every morning with the feeling that I could be the next and it's been this way for a while. I am about a staff to senior level and have been desperately seeking for another job just in case I get laid off or terminated by my firm. Is this even a smart choice? I really don't know! I just know that once you get laid off/terminated from a firm, it looks really bad and makes it extra difficult to find another job. What does everyone think about my point of view? |
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| Concerned (FL) |
on 16 Oct 2008 at 9:27 am |
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| E&Y has been laying people off since January of 08 but not at the manager level but at the Staff 2 and senior level only to hire more people 2 months after the fact. To make things worse I understand that they are still looking for reasons to lay people off in the last couple of months. It's really disheartening but hey if you are laid off brush away you tears and move on just as she said in her article. |
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| Rich (Wichita, KS) |
on 03 Oct 2008 at 10:17 am |
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| Local CPA firms such as ours are still in need of competent staff. At the local level there is more work than there are competent accountants to get it done. If the big firms are laying off, maybe you should look at the small firm down the street. www.morrowandcompany.com |
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| RonNV (Las Vegas, Nevada) |
on 02 Oct 2008 at 10:37 pm |
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| Sometimes you have to think outside the box and work in a completely industry. Consider leaving accounting and going into the entertainment business in Las Vegas. Not as a cocktail waiter or waitress but in the management end of the casino. There are also opportunities in tax and casino compliance areas. Las Vegas is not exactly the worst place in the country to live. |
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| Old Timer CPA (North Carolina) |
on 02 Oct 2008 at 3:31 pm |
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| Forty-five years ago in Chicago a job counselor told me there would always be more accountng work out there than I could do. He was right. The work is definitely there. I know it's tough to find the "right" position and to get a big paycheck, but don't ever doubt the need for your services. Old as I am, I still look forward to diving into the work every day! |
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| Jim Erickson (Bellvue, washington) |
on 02 Oct 2008 at 3:28 pm |
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Local CPA firms nationwide are looking to fill full time positions with experienced CPAs that have financial statement and tax experience. Even in this very negative economy our work load continues to build.
We don't have the name dropping brand names of the big four, but we have a lot more pride in good work and recommendations delivered to our much smaller clients. My prediction is if you hold a job in a local CPA firm you will never want to go back to a Big Four.
If I could find them I will hire two experienced CPAs going into this tax season. Send your resume to Risa@CPAHotline.com |
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| Linda (LA) |
on 28 Sep 2008 at 8:09 pm |
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Stop whining. You know how politics work. Just get on with your life and don't ask for too much money so you get hired. Make it up when the economy improves.
Importantly be nice to your staff. You do not come in to a new job with a "high horse commander" attitude. I know how mean and demanding your bossess treat you but it doesn't mean you will be like them too.
Put an end to this vicious cycle. You already know that those bossess of yours get their share someday somehow and it will hit them harder than what they had given you. That's just how nature works. In fact, thousands of qoutes were already been said to prove that. |
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| Michelle Lucile Rosenbaum (New York City) |
on 24 Sep 2008 at 5:36 pm |
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Like the ATM, much of the work of accountants is completed via processed accounting and this does make a difference.
However, the discipline of accounting and the input of accountants is very much needed as well as working in conjunction with the IT professional discipline to maintain checks and balances to provide monitoring and management and accuracy and integrity of processed accounting systems.
We are living in a processed world and so we focus on both the process and the results as some have noticed on May 29th, 2003. |
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| Been there (Dallas, Texas) |
on 23 Sep 2008 at 11:00 pm |
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| Being offered the chance to leave PwC ten years ago gave me the opportunity to utilize my skills that PwC never bothered to even explore. It is a better life after. |
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| Julie |
on 23 Sep 2008 at 10:18 pm |
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| Seems like you are interviewing w/ WM Partners soon- probably good to know what the Big 4 are doing... |
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| Tina (Ohio) |
on 23 Sep 2008 at 8:13 pm |
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| It would have been nice to identify or include a link to a few of the blogs mentioned in this article so that others could see what comments are being posted too. |
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| Agnola Townsend (Houston, Texas) |
on 23 Sep 2008 at 5:16 pm |
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I was laid off from Bank of New York in Houston on June 13, 2008 and I thought by now I would have found a job.
From my 10 years in accounting, BA in Finance and MBA in Business/Accounting I would think I am very qualified. However, I am still looking for a job in accounting. So it is just as difficult finding a position in accounting as any other position. |
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| popeleo2 (NJ) |
on 23 Sep 2008 at 4:12 pm |
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| She is very much on point! KPMG does exactly the same practice of blaming performance in Quarter 4 while you were labeled a star in Quarter 3. How one falls in a quarter????? |
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