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Layoff Watch ’23: Deloitte’s Up to Something

Posted on by Going Concern News Desk
white question mark on a black chalkboard background

On Wednesday we were tipped to several people at the manager+ level in transaction services getting laid off from Deloitte, all of whom were working remotely. And then this reply the artist formerly known as Twitter mentions layoffs in audit:

There’s been no official announcement but there’s this. We’ll assume Mr. D is consulting chair Dan Helfrich and not someone’s actual uncle but who knows with Reddit.

Reduction in workforce
byu/Brilliant_Mess_8307 indeloitte

The number getting thrown around is 3%.

These layoffs are a joke
byu/nsfo indeloitte

The last official layoff announcement was in April when Deloitte announced the culling of around 1200 people (1.5% of the workforce). Those layoffs were concentrated primarily in financial advisory.

If you know more on this you know what to do.

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As we mentioned, Deloitte had some decent reasons for kicking LFT to curb, among them:

(1) the recently identified falsity of the Company’s financial records in relation to cash at bank and loan balances (and possibly in sales revenue); (2) the deliberate interference by certain members of Longtop management in DTT’s audit process; and (3) the unlawful detention of DTT’s audit files. DTT further stated that DTT was no longer able to rely on management’s representations in relation to prior period financial reports, that continued reliance should no longer be placed on DTT’s audit reports on the previous financial statements, and DTT declined to be associated with any of the Company’s financial communications in 2010 and 2011.

And because it seems to be the standard narrative in stories such as these, Longtop’s CFO has resigned and “The Audit Committee has also initiated a search for a new auditor.” Although were not sure if there’s a firm out there that will pick up a client who has engaged in hostage taking.

[via Longtop Financial Technologies]

Comp Watch: Sit Downs Starting at Deloitte; Anxiety Over Raises Picking Up

Lots of news this week on the compensation and promotion fronts with Grant Thornton, KPMG and PwC all making announcements or soon-to-be making announcements (that we’ve heard; are you holding out on us, E&Y?).

The latest out of Deloitte is that the discussions are starting (although maybe not today since it sounds like most are off) but the news on yay or nay on promotions is starting and now the anxiety around comp will increase over the next two month:

The year-end ratings and promotion decisions have been approved by National; so the process of communicating both to Deloittians is starting…At a high-level, I heard that promotions this year were tough – that being said, plenty of people made it through. For the most part, people are now waiting to hear about comp – scheduled for communication the last two weeks of August.

We did hear one rumor about the number of new partners expected, “at a recent partner meeting, it was announced that there will be more than 60 new PDPs nationally, with more than 10 being in the Northeast,” so you can toss that around your meat-ingestion fest this weekend if you so choose.

Discuss your epic/tragic news re: your new promotion if you’ve received word and keep us updated on the comp rumors.