Tips have been trickling in all weekend about layoffs at Grant Thornton however we couldn’t confirm until now. Confirmed.
Here’s a tip that came in this evening:
Grant Thornton Advisory laid off around 100 people as of 11/3 after the firm adjusted what groups do and do not fall under advisory. Purely utilization based it seems, performance only a factor with a small few.
Grant Thornton LLP is laying off 200 people, its second round of layoffs in the past six months and an indication that the major players in the professional consulting and advisory business are preparing for an economic slowdown that could squeeze profits across corporate America, Fox Business Network has learned.
In May, the company cut about 300 jobs across its U.S. division; the recent cuts that began late last week haven’t been reported. They will mainly affect so-called advisory positions at the company, sources with direct knowledge of the matter tell Fox Business.
A spokesperson for Grant Thornton confirmed the layoffs. In a statement, he said, “The staffing changes reflect pockets of underutilization in limited business segments, and specialty areas that the firm is exiting due to market trends. We continue to invest in higher-growth areas of the business to even better serve our clients. ”
Earlier this weekend, another tipster sent in the text of an email sent out by leadership at the end of last week. It reads:
This week, due to softened demand in specific Advisory offerings, we eliminated a limited number of Advisory positions and these actions concluded as of today. Additionally, we are winding down five specialty business offerings within Advisory: Restructuring, Enterprise Risk, Gov Con Risk, Icertis and Coupa. These decisions were not taken lightly and will enable us to shift investments into areas where we foresee sustained demand. This is one way we will keep the firm healthy and strong so we can continue to invest in the solutions our clients need most, and to provide expanding professional opportunities for our broader community of teammates in the future.
We have not reduced roles in Audit, Tax or ICS – these actions are limited to Advisory only. Our impacted teammates have our greatest respect and appreciation for their contributions, and we’ll continue to provide customary P&C support for them as they transition into new professional opportunities. We remain grateful for your compassion for teammates who have seen their roles eliminated, and for your continued support for each other.”
Said our tipster:
This is absolutely ridiculous. We just had a round of layoffs in May. Once that round (in May) was finished, Wade Kruse hosted a call thereafter for the advisory group at GT. In that call he was asked if he anticipated any further layoffs. He responded by saying no and that all the necessary headcount reductions were already made for the foreseeable future. People like him need to be held accountable. His words meant nothing in May and still don’t today. The public needs to be made aware of this.
This story is developing. If you have more info, thoughts, feelings, or rants directed at firm leadership feel free to reach out by email or text the tipline at 202-505-8885.
Earlier: Grant Thornton Layoff Numbers Are In (May 26, 2023)