EY update: No pbb, no raises, and we are essentially doing layoffs (solid performers who are utilized being let go without any prior notice). Again EY comes out top of the big 4

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Feeling better about Deloitte comp all of a sudden lol

likefunny

Got all excited today as there were rumors my firm was doing layoffs today and none came through. But my firm just copies whatever the B4 does, so guess we will have layoffs next week! Thanks guys, now I can just keep on worrying.

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KPMG: hold my beer

likefunny

Loll yup i'm sure we'll find a way to top that.

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Not to disappoint anyone but I’m pretty sure the 2021 raises, bonuses are gonna be worse for all firms. The Rona will affect most of 2020 and at minimum half of 2021. Sorry! 😬

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Agreed.
Fee cuts coming again, especially with audit clients.

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how do you know they are solid performers and have good/great utilization. I heard the opposite - low performers and a handful of average performers with low utilization

likefunny

Agree too high for SM, but sounds like a great MD candidate. Firm needs experienced ppl who know how to serve clients, know what they are doing technically, train others and mitigate risk to firm. Our loss unfortunately.

No way EY is going to let KPMG beat them to anything, including lay-off announcements. That’s what separates #3 from #4, lol.

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Guessing performance based bonuses

likesmart

And everyone was all up in arms about us in April 🤷‍♀️

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And at least you guys called it a layoff. EY will call it ‘performance based separations’ 🤬

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Multiple layoffs through several levels. Just be transparent. Some are close associates. These are people’s lives. These are good employees.

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Was this an actual announcement? Or just fear mongering among the staff?

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It was tax and risk so far, no one from assurance yet.

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Maybe the layoffs are SL or office specific?

I work in the business valuation group and EY just laid off one of the staff. We were told our group was essentially recession proof so no one is safe

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ACN doing the same

what is PBB?

Performance Based Bonus

Curious. For seniors who banked their bonus and got laid off, do they get anything?

Hmm. Yea I think it said something. But I took the 5k last year and dipped.

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