We received more details late yesterday on the E&Y layoffs. The latest cities reporting layoffs are now Minneapolis and Milwaukee.
We also learned that there were approximately ten layoffs in the tax practice last month in the Chicago office. These were all at the associate and senior associate level.
Check back to the original thread for the latest and continue to keep us updated.
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Rumor Mill: E&Y CEO Jim Turley Is Appropriately Compensated
Maybe! Depends on who you ask. We’re looking for opinions since we received a tip on what Jim Turley is pulling down:
Saw some info yesterday in a partner’s office. JDawg is pulling down $6 million…every year in October timeframe the partners at EY get a partner report on the “partner news network”. In this report EY shows partner information – the 5 highest paid US partners that are not in client service. So this includes generally JDawg, the AABS managing partner, tax managing partner, the Americas Vice Chair and a few other vice chairs. They started giving out this information about 4-5 years ago.
Our tip also stated that the non-J Dawg execs were pulling down in the nabe of $2.5 million.
Considering that J Dawg’s CEO duties include appearances on CNBC, being an IFRS cheerleader and eating f*(king chicken with Rahm, among other glad-handing and back-slapping duties, $6 mil makes for a nice round number.
Is $6 million fair for J Dawg? Discuss in the comments and pass along any further details you’ve got JT or other CEO salaries.
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Compensation Watch ’10: Ernst & Young Re-reassures Merit Increases
About a month ago, we heard about an E&Y town hall in Chicago that was meant to rally the troops after the last two weeks of March saw ubiquitous Lehman Brothers/Repo 105/bankruptcy examiner’s report coverage.
Plus, it was the end of busy season so people were likely at their wits end. At said town hall, the raises promised by Americas Managing Partner Steve Howe back in January were reassured.
Despite this message, Steve Howe sent out a triple-reassuring message yesterday to everyone that wasn’t listening and/or didn’t get the communiqué:
Stevie Howe just sent out another long VM confirming raises this year. On a related note, FSO sent out a note about accelerating the annual review process to account for the expedited compensation review process.
Another source told us that more details are to come on an upcoming webcast, and because of the “expedited comp review” process, it has been suggested that the merit adjustments may occur earlier than usual. Right now, our source speculates that it will go down in August but no hard date has been thrown out there. Keep us updated.