[Updated with additional information.]
We just got word that during a presentation this morning, EisnerAmper CEO Charles Weinstein announced that there have been layoffs at the top 20 accounting firm, according to two sources.
According to one source, 44 employees were laid off today and those people did receive a severance package (unknown terms) and three months of COBRA coverage. We also learned that 20 people are being furloughed—either administrative staff who can’t perform their duties remotely or people whose projects have been delayed due to COVID-19. We don’t know when the furloughs go into effect or how long they will last.
In addition, we were told that there will be no pay cuts to remaining staff.
When asked if it seemed the job cuts were performance-related or due to the current economic conditions caused by the COVID-19 pandemic, a source said:
Due to economy and said they reduced staffing due to change in future growth rate, no mention of performance.
In addition, the source said:
Partners forgoing monthly compensation unless they meet billing/collection targets (unknown terms).
Another source told us that, according to chatter around the virtual watercooler, EisnerAmper will be “cutting annual bonuses down severely.”
It’s unknown right now [how much] because reviews happen in May/June and paid out in August normally, so they’re still trying to figure out specifics.
EisnerAmper is the 18th largest accounting firm in the U.S., according to INSIDE Public Accounting, with 14 offices in the U.S. and roughly 1,500 employees.
If you were caught up in today’s layoffs at EisnerAmper (if so, we’re very sorry), or if you have any additional information from Weinstein’s talk this morning that you can share, send us a text or email using the contact info below.
