Earlier this month we told you about layoffs that went down at Crowe Horwath in late November.
We’ve now received additional details that indicate that Crowe has had several rounds of layoffs this past year that started with non-client serving personnel late in 2008 and culminating with the November round.
Our source told us that the second round occurred in spring of this year and at that time, firm leadership communicated that no further layoffs would be necessary. Apparently things didn’t goes as plan as a third round occurred in July that consisted of professionals in the risk consulting practice and many in the Financial Institutions practice that were not chargeable were asked to take sabbaticals. This report of “sabbaticals” is consistent with our report earlier from a source that indicated that “there was a lot of forced time off during the summer.”
It sounds as though Crowe has consistently notified their employees about the layoffs, although our sources have indicated that details (i.e. number of professionals) are always scarce for “morale purposes.” One could assume that since anything after the spring round was not supposed to happen, morale was probably all but wiped out anyway.
The second and third rounds were rumored to be in the nabe of 150 each and our source told us that the third round included many “Executives, Senior Managers, and Managers over 40.” and that “Agreeing to not sue Crowe for age discrimination was part of the Severance Package.” So if you’re 40+ at Crowe it sounds like your best years are behind you or maybe you’re just too damn expensive?
Middle-aged dismissal rumors notwithstanding, Crowe has seen its own exodus, which seems to be the natural progression of things when layoffs reach bodily function regularity.
Crowe Horwath has not responded to our repeated requests for comment.
If you’ve been involved in any of these layoffs at Crowe, or have additional details discuss below, or email us and we’ll continue to keep you updated.