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(UPDATE) Layoff Watch ’11: McGladrey Causing Some Head Scratching

Posted on by Caleb Newquist

Hot off the grill from Mickey G’s:

Some people let go at McGladrey. Heard it was like 15 [UPDATE: SEE BELOW] from the corporate marketing department and a few others. Some head scratchers going on. Moved people around including a few changes that have people baffled. People who have no business being promoted promoted.

Earlier in the summer, we heard a rumor about layoffs in the Northern Plains region and at the time our tipster said that the firm “spread[s] the terminations over months instead of doing them all at once,” which has more or less become the norm. ANYWAY, we’re trying to get some more info from tipsters and the firm but in the meantime, drop your knowledge below or get in touch.

UPDATE: A McGladrey spokesperson has informed us that the firm did recently “announce a restructuring of our marketing department to better align with the organizational structure and business objectives outlined by our firms more than a year ago,” adding, “This resulted in the elimination of 11 positions within the marketing organization.”

The head scratching was not specifically addressed. Carry on.

*Dustin Bradford

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Rumor of the Day: KPMG Freezes Hiring of Support Professionals

Earlier this week, we were tipped off about a hiring freeze of Client Service Support (“CSS”) professionals at KPMG. Our tipster also indicated that a “major reorg” was happening but did not elaborate. For those not hip to the House of Klynveld vernacular, this is your HR, Marketing, Ops, IT, Admins, et al. Regardless of their overhead status, they make your lives infinitely better. But for now, it sounds like the doors to any newbies is closed.


This rumor was confirmed by another source who simply “heard there was [a freeze in place]” but had no details. If you’re in the know, please email us. Emails to KPMG’s communications team were not immediately returned, most likely because they were immediately deleted (that is speculation on my part).

SO! Since we don’t have much to go on, we’ll take this opportunity to present some theories:

1. The response to the Early Career Investment Bonus program has been better than anticipated and there is concern that there won’t be enough money to pay these all-of-a-sudden loyal employees. Accordingly, “the help” won’t be getting any additional resources.

2. Settlement negotiations have begun in the sex discrimination lawsuit and things are not looking good.

3. John Veihmeyer is just toying with everyone because “This is Notre Dame’s year,” and plans to lift the freeze after the Irish win their first game.

4. Two words: Omaha Steaks.

5. Your ideas.

Layoff Watch ’11: Cuts a Comin’ at Deloitte?

From the mailbag:

Heard this from a Director in the firm: Deloitte layoffs coming. Lists are made…cuts coming soon. Said a lot of it has to do with thinning out the ranks (too many people jumping ship because their level is top heavy and promotion nowhere in sight) as well as letting go underperformers.


As you probably noticed, 2011 hasn’t had much in the way of layoff news with the exception of some support staff that were cut at McGladrey, Grant Thornton, and KPMG. That said, this seems like an opportune time to kick a few people to the curb. If you wait until November, well, that just looks bad.

Keep us updated with any news and if you’re in the know, get in touch.

Here Are the (Unconfirmed) Details on the Milestone Award for Newly Promoted PwC Senior Associates

As you may remember, we detailed PwC’s new compensation structure back in spring to much fanfare. There were lots of details but one that sounded especially interesting were the “Milestone Awards.” These are awards given to newly promoted Senior Associates, Managers and Senior Managers/Directors. Specifically for SAs, a “highly specialized individualized offsite training that will help the new seniors make decisions about their careers. This will last for 12-18 months as they adjust to their new roles and held in an offsite, marquis location.”

We now have a few unconfirmed (due to circumstances beyond our control) details for you for this “training” including the “offsite, marquis location”:

• Terranea Resort in Palos Verdes, CA (near Long Beach/LA)
• 4 days long
• For New Senior Associates promoted July 2011
• Not a training/all about fun and celebration
• Gift to new senior associates (all lines of service)
• Monday huge celebration dinner
• Small groups of 10 people
• External experts on personal finance, wellness, nutrition, etc
• Nightly fireside chats with partners
• Adventure-style activities

Weeks
1) Nov 14, 2011
2) Dec 5, 2011
3) Dec 12, 2011
4) May TBD 2012
5) June TBD 2012

Fireside chats? Like the kind with FDR? For your sake I hope Bob Moritz and/or Dennis Nally drop by for the fun, although don’t forget that Nally is done with hot yoga, so DON’T BOTHER ASKING.

And doesn’t the Terranea Resort look pleasant? It’s in California not surprisingly, since P. Dubs has had NOTHING BUT TROUBLE from the clowns in Florida. There is golf, a spa, ocean view dining, etc. etc. Here’s the photo and video gallery if you need more visuals. Of course this kind of romantic setting is perfect for romantic interludes that will allow PwC to perpetuate any incestuous master race of capital market servants they might have.

ANYWAY, it’s our understanding that these details are to be released later this month but we thought you’d like a sneak peak. Discuss your thoughts and/or envy in the comments.