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January 29, 2023

Layoff Watch ’19: Grant Thornton U.K. Cuts Reach the Partnership Level

Let’s face it, 2019 hasn’t been the best year for the Queen’s Grant Thornton, and neither was 2018. Let’s recap:

2018

Sacha Romanovitch

2019

David Dunckley

Now we have another bullet point to add under 2019:

  • Laid off a dozen partners in October.

The Financial Times had the scoop:

The accounting firm informed its top echelon that about 12 partners — 6 per cent of the total — were leaving as it attempts to improve profits and recover from a difficult year for the business, which has faced scrutiny over its audits of Patisserie Valerie and after the controversial departure of Sacha Romanovitch, its former chief executive.

The internal announcement about the partners, some who have worked at Grant Thornton for 30 years, was made ahead of its financial results, which are due to be published in December.

One of the more senior partners who was let go, according to FT, was Mark Henshaw, who had been with the firm since 1989, his LinkedIn profile shows.

Partners in all service lines, including audit and advisory, were affected by the cuts. Jonathan Riley, head of quality and reputation at Grant Thornton, told FT that the departures represented “a combination of factors, including early retirement and some people whose roles no longer exist because of recent restructures and a change of focus around our client base generally.”

As FT noted, Grant Thornton will announce its revenue and profit for 2019, as well as average pay per partner, in December. Something tells me we could very well have two more bullet points to add to this craptastic year at GT.

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