Little birdies (and a lot of gossip on Vault) tell me that based on a reorganization done with some advice from McKinsey, PwC is in the midst of three waves of layoffs. The first came before the end of their fiscal year, June 30. As usual, within PwC, there were a lot of announcements of coming announcements and announcements of local office “Town Meetings” to discuss the state of the business. They do a lot of talking about what’s going to happen instead of just doing it, it seems…
Cuts are focused on their Advisory (Consulting) practices (including Internal Audit) and their internal financial and administrative support groups, in particular the marketing and business development organizations. When I left late last year, business was slow in their emerging Advisory (Consulting) practice so it’s likely reductions are overdue there given prior aggressive “Catalyst” hiring. In an ironic twist, due to lack of a solid sales pipeline, they’re reducing the number of salesmen! But many of the staff, especially the younger ones they’re trying so hard to attract and retain supposedly, are confused and fed-up. I’ve heard from some directly via email.
I’ve heard that they have also started making strategic cuts of client service professionals in some markets and asked Executive Assistants over the age of 55 (who are predominantly women with long tenures) to consider early retirement packages. They have already closed whole offices in places like Memphis and Syracuse.
Interestingly, I am also seeing a lot of Google searches with “Deloitte layoffs,”, “KPMG Layoffs” and other firms like Accenture showing up. I guess no one uses the word “layoff” in their Press Releases anymore, at least in the Big 4 and so these searches come to me, the only one who is talking about them.