From a reliable source on the west coast we have learned that the advisory practice of E&Y was feeling left out and has decided to get into the act.
Twelve advisory professionals — we’re speculating that it was all staff at this point — were laid off today in the Pacific-Northwest Region. The only confirmed city that we have so far is San Jose. Emails were sent out last night and meetings with partners were held this morning. For an added personal touch, our understanding is that the staff met with partners that they were not previously acquainted.
Our calls to E&Y have gone unreturned. An E&Y spokesperson declined to comment.
Jump back to this post for all the details on this round of E&Y layoffs and get in touch with details for your city, practice, and severance.
Author: Caleb Newquist
Founding editor, Going Concern.
New Deloitte Consulting CEO Plugs Magazine Lists, Shuns Facebook Fans
Deloitte Consulting has appointed a new Chairman and CEO, Punit Renjen, succeeding Douglas Lattner. This […]
PwC Needs to Recognize Marketing Genius When They See It
Accountancy Age has a extra puffy puff piece on P. Dubs’ “head of sport” Julie Clark and how PwC will be everyone’s hero — and she’ll be a regular Einstein — if England can land the World Cup for 2018.
Sidebar: According to the piece, E&Y is sponsoring the Ryder Cup next year and Deloitte is sponsoring the Olympics in 2012. This brings up two points: A) Real original E&Y and B) What the hell, KPMG? If you want to keep up with the Joneses you better dump that always-a-bridesmaid (okay, occasional champion) golfer and get those letters on a BCS bowl or something.
Not only does Accountancy Age not give any details on Clark’s plans but they also manage to completely ignore the ingenious marketing campaign/sponsoring opportunity that would all but lock this thing up.
Need we remind everyone of our first brilliant (albeit subtle) suggestion regarding an accounting firm and a certain sponsored golfer? Working out, isn’t it?
Make no mistake, I’m sure Ms. Clark knows what she’s doing and we’re not expecting her to take our suggestion that seriously but if she blows it…We’ll be expecting a call.
Are We Experiencing a Big 4 Exodus?
Maybe! Nevermind people leaving involuntarily for a second.
We’re hearing from many that people are heading for the exits en masse and it’s getting the bigwigs’ attention. According to one reader:
“[A]pparently its got higher ups here a bit worried. It was an agenda [point] for a [recent manager] meeting. Just wondering how it was elsewhere. “
Of course, this leads to many, many, many teams finding themselves short-staffed. We just heard that the New York office of one Big 4 firm has been contacting other offices aggressively recruiting audit personnel for huge advisory engagements. This has been received with a resounding “GET BENT” since those offices desperately need the people for their local audit engagements.
It can be easily argued that the reason people are bolting is because of the pay freeze trend or since no one’s job seems to be safe, people are simply taking matters into their own hands.
So discuss in the comments what you’re seeing, hearing, and speculating about regarding people leaving your firm. This may be an office by office phenomenon so we’ll put out to you to give us the details for your office, your team, your firm in general.
GC Reminders: November Survey and Caption Contest
Good morning servants of capital markets. We don’t mean to impose upon you while you engage in your morning routine but we’re here to remind you of two matters of critical importance going on at this fine publication:
• November survey – One question. One email address. A chance to win a $50 AMEX gift card.
• Caption Contest Poll – You’ve got until 11:59 pm EDT tonight to throw support behind the most suitable description for the AICPA spokesswine. Don’t scoff. It’s important.
Thanks for your participation.
Preliminary Analytics | 11.12.09
• Costco CFO: Fingers crossed consumers will spend – Sounds like a winning strategy. [Reuters]
• Wall Street Faces ‘Live Ammo’ as Congress Aims to Unravel Banks – The bank lobby is finally a little concerned that this break up of TBTF is for real… [Bloomberg]
• The Kanjorski “We’re Tough on TBTF” Headfake – …or maybe they’re just playing along. [Naked Capitalism]
• White House Aims to Cut Deficit With TARP Cash – Not only that, there’s talk of, GASP, tax reform: “[Office of Management and Budget] is also reviewing a host of tax changes. The President’s Economic Recovery Advisory Board will submit tax-policy options by Dec. 5, including simplifying the tax code and revamping the corporate tax code.” [WSJ]
• G.E. Sells Security Unit for $1.8 Billion – The industrial conglomerate is a little less conglomerate-y, saying the fire alarm and security unit is a “noncore” business. [DealBook]
Ironic Photo of the Day: Paperless Audit Edition
A friend of GC passed along the following photo:
Telling us: “This is our paperless audit training. An associate had to print out 46 copies. He stayed late on Friday and used three printers.”
Oh the humanity.
Review Comments | 11.11.09
• Reminders: Kindly vote in our caption contest poll and take our short November survey ($50 AMEX gift card people, get on it).
• Tax Havens Suddenly Not All the Rage – Thanks IRS. Our dreams of having a Swiss bank account are totally dashed. What’s the point if we’re still paying taxes? [Tax Girl]
• Benmosche Says He Is ‘Totally Committed’ to A.I.G. – That thing this morning? Never happened. [DealBook]
• Citigroup stands by deferred tax asset valuation – Last we checked, banks are not in the habit of saying, “GD, you’re right. We totally jacked that valuation up. Thanks for letting us know.” [Reuters]
ACORN Stonewalled on VITA Funds but Questions Remain
Yesterday the IRS released the list of recipients of $8 million in matching grants for the Volunteer Income Tax Assistance program. Many of you participated in this fine program back when you were focused on developing a drinking problem, which may explain the high error rate but that’s neither here nor there.
Of the 360 applications submitted for funds, one notable organization that was DEEE-NIED was ACORN.
Despite the grave dancing that is likely going on in certain corners of the media, is anyone asking the important questions here? Including but certainly not limited to:
• Who will real sex workers depend on for tax advice?
• What non-profit organization will the two “investigators” entrap next?
• Will Glenn Beck finally calm down? He has appendicitis for crissakes.
Questions worth noting. If you have answers to any of these, kindly enlighten us in the comments (without suffering from an aneurysm).
IRS Leaves ACORN Off VITA Grant List [Web CPA]
IRS Awards $8 Million in Grants to 147 Organizations for Tax Prep Assistance — $0 to ACORN [TaxProf Blog]
No IRS VITA “Seed” Money for ACORN [Tick Marks]
E&Y Layoff Update
Jump back to our post from yesterday to read the latest on this week’s cuts at E&Y.
Big 4 Sick Days: Open Thread
Since Team Jehovah is nabbing all the swine flu vaccine, there’s a pretty decent chance that some of you might come down with the H to 1 to the N to the 1. That has at least one reader concerned:
Can you look into the sick day policy at the Big 4’s? Is KPMG the only one who does not give any sick days? If you are sick you take the time from your PTO allowed (the days reduce your vacation time). I have seen people literally dying in the cubes – with temperatures, the chills etc – yet they insist on coming to work since they have no days left or don’t want to use their vacation time. Is this a responsible policy during the H1N1 epidemic???
We touched on this briefly but it’s worth revisiting since the swine flu coverage in the MSM is reaching fever pitch.
Discuss in the comments your firm’s sick days policy, if it’s forcing the bedridden to report, or it’s handing out surgical masks to everyone. Oh, and if you’re sick, for crissakes, stay home.
Caption Contest Poll: Feed the Pig
No doubt Benny Bankes will continue his endeavor to convince everyone in America to start saving money rather than blowing it on Naughtibods. In the meantime, vote on your favorite caption after the jump. The poll closes at 11:59 EST tomorrow night.