Tag: Layoffs

(UPDATE 4) KPMG Layoffs Follow-up

There are several cities where we can confirm layoffs but total numbers are hard to come by and KPMG is not returning our calls/emails at this time. Here are cities that we definitely know got hit:
• Chicago – At least five in Int’l Tax. At least one in financial services tax.
• Denver – Transaction Services
• Kansas City – Six to eight in Tax
• Houston – Transaction Services
• San Fran – Five in Fed Tax
• LA and OC – Several comments report ten to twelve in tax for LA, five for OC
• DC/Tyson’s Corner/McLean – Between five and eight total in tax and advisory.
• Silicon Valley – Thirteen total. Five to Seven Mostly in Tax, possibly some in EVS and one in Transaction Services.
• Seattle and Portland – Two in Tax for each
• Salt Lake City – Three in Tax
• Detroit – Three to five in Tax
• Jacksonville, FL – Two in Tax
• New York – Three in the transfer pricing specialty group in the tax practice. Three in the real estate practice. According to our source, these were performance performance related.
• Boston – Two in Fed Tax and one in M&A
• Nashville – Two in Tax
• Tampa – Two in Tax, one manager and one SA
We haven’t been able to confirm much out of the New York office, although it sounds as though Transaction Services has had some cuts. If you’ve got new details on any city, let us know.
UPDATE: See updates above. Altogether it appears to be over thirty-five in the west alone. Continue sending us updates.
UPDATE, Thursday, 11:54 am: Information is still crawling in. We heard that the number of nationwide layoffs for Advisory was 50, including 20 in the NY/Boston offices but we’re still waiting on more information. Continue to send tips in and make sure you note which office you’re in. Oh, and apparently the Dallas office needs SA’s in audit.
UPDATE, Friday, 12:30: Still a few tips coming (see updates above) in but it seems the worst (hopefully) is over.
UPDATE, Monday 3:04 pm: Just a couple more updates above for Nashville and Tampa.

Rumor Mill: KPMG Layoff Started Early in Philly

Not that Klynveldians need reminded but tomorrow is the rumored next round of layoffs. This time its rumored to be the tax practice and perhaps the advisory practice as well making cuts.
Someone in the Philadelphia office got their call earlier than planned according to a tip we received:

…one associate who received a phone call at 3:00 PM letting her know that her services were no longer needed. She was initially told this would likely happen on the 21st, but for some reason, the powers that be thought it more appropriate to call someone on the 15th

If you’ve got details on your office or if you have received a request for a meeting, let us know and we’ll continue to update you as we hear more.

Rumor Mill: KPMG Layoff D Days

A little follow-up from our request for the latest on highly anticipated post-September 15th layoffs. Here’s what we’re hearing:
Sources and some comments have indicated that the dates to be wary of are today the 16th, tomorrow the 17th, next Monday the 21st, and next Tuesday the 22nd. The word is that these will be tax and advisory practice cuts only.
KPMG did not immediately respond to our request for comment on these dates. If you have specific information on your anything going down at your office send us the scoop at tips@goingconcern.com.

The good news is…

…we’ve heard back from sources at all the firms and so far everything is quiet out there regarding the September edition of accounting firm layoffs, however, we’re still checking around.
The bad news of course, is that we’ve got fifteen days left in this month. There are some preliminary rumors out of KPMG in Chicago from last Friday but nothing has been confirmed.
If you have additional information on the Chicago rumors or if you’ve got any information on anything related to what sounds to be the inevitable for several firms, send them to tips@goingconcern.com.

Rumor Mill: More KPMG Layoffs

Frankly, this is getting ridiculous. We got wind of more staff layoffs going down in the Metro audit practice in New York today. Sounds as though emails may have been sent out last night and meetings are being held today.
One explanation we heard was that associates not currently assigned to a client were let go which seems dubious, even for an accounting firm, but we’ll run with it. If you’re one of the unlucky few, or have details on rumors concerning next week, drop us a line or discuss in the comments.

Rumor of the Morning: E&Y SoCal Layoffs

Received word late last night that layoffs went down out west yesterday. According to our source, the breakdown is as follows:
• Two in LA
• Two in Irvine- tax (one staff 1)
• One in San Diego – tax (staff 2)
• A few in Vegas- Audit only
We reached out to an E&Y spokesperson, who declined to comment.
Our source says it was performance based but that particular reason has been a matter of debate for some time. If you’ve got your own theories, discuss in the comments and send us any more details if you’ve got them.
Here’s hoping that Ern isn’t getting warmed up…

True Partners Consulting Layoffs Get Our Attention

fired.jpgTrue Partners Tax Consulting (TPC), who provides “Intelligent Tax Advice” according to its website, decided that it didn’t seem some of its intelligence. According to a tip we received, the Chicago office decided that it really didn’t need some of its intelligence:
Details, after the jump

[TPC] just cleaned house in Chicago. I can tell you for sure that they laid off at least 20 employees (non-partners), most of whom were mid-level or juniors, and that they just rescinded the vast majority (28 out of 36) of outstanding offers of employment. Apparently, the tax attorneys were hit disproportionately hard. I personally know three University of Illinois College of Law newly minted tax attorneys who were just given the axe before they even started work. I have no idea about the firm’s other offices, but I assume they are undergoing a nation-wide bloodbath.

We’ve reached out to TPC who has not responded to our request for comment.
Since it’s possible that many of you aren’t familiar with TPC, we took the liberty of checking them out. TPC has fourteen offices worldwide, including New York, Chicago, LA, London, Munich, and Paris and they specialize in a wide array of tax and business consulting services.
TPC was also listed 9th on Crain’s Chicago Top 20 Places to Work in the spring. PLUS: “There’s free beer and wine after 5 p.m. and a big-screen TV, Nintendo Wii game system and pingpong table for quick escapes from the daily grind.”
If you keep reading the Crain’s piece, you find out that your abrasive assholey ways will not be tolerated, “True Partners won’t hire anyone who can’t pass the collegiality test and will not keep anyone on board who doesn’t display respect and selflessness toward peers.”
Okay, think we got it. So are we to assume that the 20 let go were all dicks (around 20% of the Chicago office) and the offers were rescinded because it was decided those people couldn’t be trusted to play nice? We’ll start there. Help us out with this one and if you know someone that works at this tax utopia pass it along to them. At very least find out what kind of beer they stock in the fridge.

KPMG Didn’t Hear You Say ‘Uncle’

So we know why the final numbers in a few offices haven’t been reported for last week’s layoffs at KPMG: They’re still happening, circa now. According to somebody within earshot: “I passed someone in the hallway mumbling about getting the ax. I thought they were over; clearly not the case.”
We hear that the timing of these is partially due to the firm sending little auditors to training first and then bringing them back only to say, “Hope you enjoyed yourself, ’cause it was your last.”
This begs the obvious question of why the hell KPMG would go to this expense of sending them down there only to can their asses upon return.
We’d love to hear some wild speculation on the reasoning although based on yesterday’s mention, you’re all numb at this point.