Would You Take a Pay Cut in Exchange For a 40-Hour Workweek in a Beachside Locale?
Citigroup has launched a new program in which a few dozen young analysts will trade big investment banking salaries for shorter work days in Málaga, Spain, a beautiful city on the southern coast known for its food, culture, and lovely weather. The best part? The analysts might even have some time to enjoy the scenery. […]
Armanino Employees Were Made Whole For the Holidays
According to a tipster, here’s the latest news regarding employees getting their money back at Armanino, the 21st largest CPA firm in the whole damn nation: Back in April, everyone took a 10% pay cut as a result of COVID. Yesterday [Dec. 17], our CEO Matt Armanino announced during our fourth quarter webcast that the […]
Layoff Watch ’20: What In the World Is Happening at Deloitte Canada? (NEW UPDATE)
[Updated on Dec. 14 with additional information.] Heard through the grapevine recently that a third round of job cuts happened at Deloitte Canada in October. A source told us: They did it on a rolling basis in the entire month across service lines. They probably did this in advance of the new hires starting in […]
Deloitte Australia Secures Bragging Rights As ‘First Big 4 Firm Not to Totally F*ck Staff Cuz Rona or Something’
In a Wednesday message to staff, Deloitte Australia CEO Richard Deutsch shared the good news that although the firm had instituted pay cuts earlier in the year when no one really knew how bad things might get, they’re pulling a Mike Ehrmantraut and making their guys (and gals) whole. Financial Review reports: Big four consulting […]
CohnReznick Employees Were Made Whole Once Again
Got this tip earlier today: FYI, CohnReznick ended the temp pay cut and paid back the reduced wages. While we appreciate the update, the tipster was a little skimpy on the details. Back in early May, we reported that CohnReznick was cutting employee pay on a sliding scale as part of its pandemic uncertainty measures: […]
It Seems Andersen Employees Are Getting Back the Money That Was Taken Away From Them (UPDATE)
[Updated on Oct. 28 with additional information.] A tipster provided us this week with a post-busy season update about the goings-on at Andersen, and it seems like good news all around: All offices and laptops were closed on 10/16 and 10/19 to give employees 4 days of uninterrupted time off. Then the following announcements were […]
BDO USA Employees Are Getting Their Moolah Back
Late on Friday a couple people told us about some good news for BDOers, especially for those not getting raises this year. Not sure about Audit and other Departments but BDO just announced they would be paying back the salary that was reduced in May – July with the Dec. 15 paycheck. And from the […]
Tracker: These Accounting Firms Have Either Cut Jobs or Pay (or Both) During the COVID-19 Crisis
[Updated on Oct. 19 with information about BDO USA.] In case you haven’t noticed, there have been a lot of salary reductions and jobs lost throughout public accounting over the past couple weeks as a result of the coronavirus pandemic. And it sucks. So we’ve started compiling a list of firms that have resorted to […]
Let’s All Shed a Tear For Deloitte Partners In the U.K.
Sadly, Deloitte partners are probably going to have to put off buying that new McLaren 720S or Mercedes-Benz S-Class until next year. The Times reported today: Partners at Deloitte are in line for a 17 per cent pay cut after revenue growth slowed during the Covid-19 pandemic. The 709 equity partners of Deloitte’s British arm […]
Layoff Watch ’20: It’s Pink Slip Day at KPMG
[Updated on Sept. 30 with additional information.] Two days before the start of KPMG’s 2021 fiscal year, massive layoffs unfortunately occurred at the firm on Tuesday. We received confirmation that 1,400 people, less than 4% of KPMG’s workforce, would be notified this afternoon that they no longer have a job with the firm. In a […]
CliftonLarsonAllen’s Leadership Pays Up
We heard some good news late on Friday for those serving the capital markets at CliftonLarsonAllen. From the tipline: Lost wages are planned to be paid back to all employees therefore making all employees whole for 2020. This will happen as of Oct. 19, our tipster added. It’s been an interesting six months for CLA […]
Pandemic Pay Cuts Didn’t Sit Well with One Deloitte Employee In Australia
Yesterday Adrienne wrote an excellent post about winners and losers in accounting during the coronavirus pandemic. I’ve got one to add to the losers side: Deloitte Australia employees. Why? Not only have most Australian Green Dotters taken a 20% cut in pay since May (which CEO Richard Deutsch said was “the least worst option” to […]
BDO USA Staff Are Back to Getting Their Pre-Rona Paychecks
It feels like it’s been four years, not four months, since BDO USA told employees their paychecks would be a little bit lighter for a while as the firm began to navigate the rough waters caused by everyone’s favorite pandemic. But that 5% to 10% pay cut BDO staff had to endure from May 1 […]
Layoff Watch ’20: Hearing EY Mexico Is Cutting People and Pay (UPDATE)
[Updated on Aug. 10 with additional information.] We heard from another EY employee in Mexico who told us over the weekend that the situation at the firm is “worse than you may imagine.” This person said that the leadership at EY Mexico has allegedly given employees an ultimatum: accept a 15% pay cut by this […]
CliftonLarsonAllen Is Finally Officially Done with Employee Pay Cuts
Thanks to the four denizens of CliftonLarsonAllen who were eager to tell us today and over the weekend that the firm restored employees’ full pay to pre-Rona levels on Aug. 1. CLA was one of the first top 10 firms to come out of the gate announcing employee pay cuts due to the uncertainty caused […]
Moss Adams Is Giving Employees Back the Pay They Lost During the Pandemic
The last time we wrote about the latest happenings at Moss Adams, which was June 26, the firm was laying off 103 of the 370 employees who had been furloughed for 90 days starting in April. But we have some good news to share today from MA. In a message to employees on Thursday, CEO […]
Layoff Watch ’20: Dixon Hughes Goodman Is Letting Go of 125 Mostly Furloughed Employees (UPDATE)
[Updated on July 23 with additional information.] Another day, another round of layoffs at a top accounting firm in the U.S. This time it’s No. 17 in your scorecard, Dixon Hughes Goodman, which announced on Wednesday that it’s letting go of 125 employees, nearly all of whom were furloughed by the firm on May 1, […]
Pay Cut Watch ’20: KPMG New Zealand Ends Employees’ ‘Salary Sacrifice’ Early
Kiwi Klynveldians recently got some good news: Accounting firm KPMG has ended its Covid-19 salary sacrifice two months early, citing a better workflow than expected. In April, BusinessDesk revealed KPMG had asked staff to take a 15 per cent pay cut, calling it a “salary sacrifice”, because it didn’t qualify for the government wage subsidy. […]
Layoff Watch ’20: At Least One BDO Canada Office Is Downsizing Its Headcount
[Updated on July 10 with additional information.] Unfortunately we are hearing more news of Canadian accounting professionals losing their jobs. Although we haven’t been able to confirm yet if there have been firm-wide job cuts at BDO Canada, we were told by a source at BDO in Vancouver on July 9 that several people at […]
Deloitte Australia Has This Corporate Bullying Thing Down Pat
“It’s using COVID as a lever to change their working conditions. They have no choice — if they say no to the pay cut, they may lose their job, if they say yes, they might lose their job anyway. “Most would have accepted a pay cut because they thought it would save jobs. “In their […]
Comp Watch ’20: BDO USA Is Restoring Everyone’s Pay—But Promotions and Raises Will Have to Wait
Hope everyone had a good weekend celebrating the ol’ red, white, and blue. Speaking of red, white, and blue, the firm that sports these colors, BDO USA, is ending pay cuts effective Aug. 1, according to sources. You gotta hand it to BDO thus far. The firm cut employee pay 5% to 10% in early […]
Carr, Riggs & Ingram Is Giving Employees Their Full Pay Back … Soon
Here’s the latest coming out of top 20ish accounting firm Carr, Riggs & Ingram, according to a couple of tips we got on Thursday night. Carr, Riggs & Ingram restoring income partner and staff pay a month early – Aug 31. And … Managing Partner sent out a firm wide email today. They plan to […]
Moss Adams Decides Its Employees Have Suffered Enough, Ends Pay Cuts Two Months Early
Some good news out of Seattle, as Moss Adams is ending employee salary cuts earlier than expected—the second top 12 U.S. accounting firm to do so this month. Back on Good Friday, Moss Adams announced some pretty drastic cost-cutting measures because of the COVID-19 pandemic, including: Employee pay cuts ranging from 5% to 20%. 20% […]
Bonus Watch ’20: PwC Is Kinda, Sorta Going Forth with Bonuses, Raises (UPDATE)
[Updated on June 12 with additional information.] So we were told today by a couple of people that PwC had a webcast for new hires on Thursday, led by Chairman Tim Ryan, U.S. Recruitment Leader Rod Adams, and a couple of other people. Once the spiel about what PwC is doing to address the COVID-19 […]
Rumor Mill: Grant Thornton Canada Employees Are Still Being Asked to Work Crazy Hard Despite Reduced Hours and Pay
While other big Canadian firms are strongly encouraging their staffs to voluntarily scale back their billable hours and take a reduction in pay (but not in their workloads) for the sake of saving jobs (even though that didn’t work out too well at Deloitte), folks at Grant Thornton aren’t being voluntold to do this, they’re […]
CliftonLarsonAllen Is Giving Employees Shorter Duration of Pay Cuts, Consolation Bluetooth Speakers (UPDATE)
[Updated on June 9 with additional information.] We’ve got an update on what’s happening over at C to the L to the A. About a week or so ago a Redditor posted that CliftonLarsonAllen said it was cutting the duration of employee pay cuts by two months, ending now on Oct. 31 instead of Dec. […]
Rumor Mill: PwC Canada Strongly Encouraging Tax Staff to Work Less So They Don’t Have to Fire You
PwC of the Canadian variety is apparently asking forcing its tax staff to volunteer agree to reduce their work hours with a corresponding reduction in pay to avoid layoffs. Hmmm, how did that work out for Deloitte Canada? Here’s a tip we got over the weekend: PwC Canada Tax announced this week: All staff can […]
KPMG Pay Cuts Are Probably Not Going to Be Well-Received Outside of Australia
Not that long ago, I stuck a link to this story in a Friday Footnotes but just in case you missed it, let’s catch you up on the situation in my boy Roadhog’s esteemed home country. Back in late April, KPMG Australia used peer pressure relied on the strength of its team mentality to ease […]
Pay Cut Watch ’20: Marks Paneth Partners Bearing the Brunt of the Burden
Let’s hear it for the partners at Marks Paneth, who we were told are taking it on the chin so there won’t be any pandemic-related staff layoffs at the top 40 accounting firm. Apparently Managing Partner Harry Moehringer recently summarized for staff some of the pruning of costs that the firm is undertaking. According to […]
Pay Cut Watch ’20: Here’s What We Know About the Salary Reductions and Other Stuff at CohnReznick
Just the other day Adrienne and I were chatting on Slack about which public accounting firms among the top 15 or so in the U.S. have we not heard a peep about in regards to job cuts, pay cuts, or furloughs. One firm brought up was Plante Moran. The other was CohnReznick. Interesting timing because […]
Layoff Watch ’20: Is There Trouble Brewing at EY Canada?
Things are starting to look a little ominous at EY in Canada, as we were told the specter of layoffs looms if EYers don’t volunteer to cut their billable hours. According to a tip we received on April 30: Had a call today at EY Canada (Ontario). Partners are saying that unless people start taking […]
Pay Cut Watch ’20: Cherry Bekaert Is Slashing Salaries Between 5% and 15%
[Updated with additional information.] Cherry Bekaert is the latest midtier public accounting firm to tighten its belt during these crazy and uncertain economic times caused by the coronavirus pandemic. We were told that Managing Partner and CEO Michelle Thompson outlined staff pay cuts in an email this morning. The pay cuts will last through July. […]
Layoff Watch ’20: Job Cuts Have Begun at Wipfli, Staff Pay Cuts Are ‘Last Resort’
Unfortunately here’s another top 20 accounting firm that we’ll be adding to our tracker of layoffs and pay cuts in public accounting during the coronavirus pandemic. Wipfli Managing Partner Kurt Gresens announced earlier today that the firm is cutting staff headcount by 5%, according to two sources. One source told us: Some have already been […]
Pay Cut Watch ’20: Dixon Hughes Goodman Is Furloughing Some, Reducing Salaries For All
So, some stuff went down at Dixon Hughes Goodman today. No layoffs, according to a source, so that’s the good news. The bad news is there are DHGers who are being furloughed, plus everybody’s getting a pay cut. Here’s what we know right now: 1. Furloughs: According to our source, 17% of DHG’s workforce is […]
Pay Cut Watch ’20: It’s Not Good Friday at Moss Adams
Normally we start these posts with “and the hits keep coming” or some such thing but we’re rapidly running out of sassy intros so let’s just cut the crap and get straight to the news. We’re hearing from multiple sources this afternoon that Moss Adams has joined the ranks of accounting firms instituting pay cuts […]
(CONFIRMED) Rumor Mill: It May Have Been a Black Tuesday At Two Top 40 Accounting Firms
[Updated with additional information.] We got a couple of tips late on Tuesday night about layoffs and pay cuts that occurred at two more accounting firms earlier this week: one is a global accounting firm with U.S. headquarters in New York City, and the second is a prominent firm in the Southeast. Because the tipsters […]
Pay Cut Watch: Did Andersen Lay the Smack Down On Its Employees?
[Updated with additional information.] According to a post on Reddit on Tuesday, Andersen is another firm that seems to be squeezing its employees to work the same amount (or maybe more) for less money during the COVID-19 crisis … and even after the virus is defeated: Cutting pay ranging from 5-14% from anyone getting paid […]
Layoff Watch ’20: It Has Been a Terrible Tuesday For Some Folks at Armanino
[Updated with additional information.] Ugh, the hits just keep on coming. We received two tips on Tuesday morning about layoffs going down at Armanino, specifically in Los Angeles and Dallas. But another source told us on Wednesday that the firm’s newest offices in Seattle and Irvine, CA, were hit the hardest; however, we don’t know […]
Pay Cut Watch: Apparently Everyone Is Feeling the Pain at Carr, Riggs & Ingram
[Updated with additional information.] Two sources have confirmed this evening what was posted on Fishbowl and Reddit earlier today, that Carr, Riggs & Ingram doled out pay cuts across the board that will reportedly last through the end of the firm’s fiscal year. According to a source, staff pay will be cut by 10%, income […]
PwC Australia Staffers Looking at Pay Cuts of Up to 40%
Another day, another big accounting firm slashing staff salaries during the COVID-19 pandemic. This time it’s PwC Australia. At least P. Dubs hasn’t laid anyone off (yet) like KPMG Australia did. The Australian Financial Review reported today: Big four consulting firm PwC will cut the hours and pay of under-utilised staff by up to 40 […]
Grant Thornton Reducing Partner Draws By 25% For the Rest of FY 2020
[Updated with message from CEO Brad Preber to Grant Thornton staff.] Yesterday evening as I was on my way home from picking up some Red Robin for dinner for me and my family, we got a text on the tipline that Grant Thornton partners in the U.S. are taking a 25% pay cut. That was […]
KPMG US Update: Partners Taking Pay Cut, No Variable Compensation, No Omaha Steaks
[Updated with additional information.] OK, here’s what we were told today about the video message from KPMG CEO Lynne Doughtie that was posted internally last night. What we know is pretty much the same as what has been posted so far to Reddit and Fishbowl. Basically what we were told by a source was Lynne […]
CliftonLarsonAllen Is Cutting Staff Pay By 10%, No Layoffs Planned
[Updated with additional information.] During the afternoon on Friday, someone posted on Reddit that CliftonLarsonAllen had announced earlier in the day 10% pay cuts to all employees. Checks out. Here’s what came through the tipline late Friday afternoon: CLA announced this morning in a firm-wide webcast that they will be reducing all compensation by 10% […]
BDO USA Is Cutting Everyone’s Pay to Stave Off Layoffs
[Updated with additional information.] Just got this from the tipline: [BDO USA CEO] Wayne Berson just announced we were taking a 5-10% paycut at all levels (salaried) from May 1st-August 1st (St Louis is the one exception, they’re starting May 16). Hourly is the same, just starting one or two days later after the salaried […]
Layoff Watch ’20: KPMG Australia Slashes a Couple Hundred Jobs
First it was KPMG Canada earlier in the week, now Edmund Tadros of the Australian Financial Review is reporting some grim news regarding job cuts at the Australian House of Klynveld: Professional services firm KPMG will cut 200 roles and slash the pay of equity partners by almost 17 per cent in response to the […]
Oh No, KPMG U.K. Senior Executives Might Not Be Able to Afford Christmas This Year
I’m sure all you KPMG U.K. grunts are heartbroken over this news: After all that’s gone wrong at KPMG over the past year, its UK leadership probably didn’t expect big bonuses. Still, after the hard graft of trying to engineer a turnround, a £6m pay cut is going to hurt nonetheless. The 25 senior managers […]