Heard of some people being laid off at PwC deals group. Anyone has insights into that? E.g. was it due to poor performance or no deal flow/need to cut costs kinda thing? Curious if other B4 will follow soon.. PwC EY KPMG Deloitte

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Over staffing and no deal flow. Really horrible. Good people on our team were laid off. Partners could’ve made a little less money till things picked up but they were greedy and four costs.

likehelpfulsmart

I am actively recruiting Sr. Associates through Sr. Directors with Financial Due Diligence (FDD) for our Transaction Advisory business. If interested, please feel free to have them reach out to me. Happy to chat!

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Feeling pretty good in accounting advisory.

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Oof I guess that was a selfish answer then, hadn’t heard that but I and most people I’ve talked to recently are still really busy , except for the new associates

likehelpful
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There's been a proactive effort to identify lower performers. This first tranche will be performance related due to the past 2 yrs accepting anyone with a pulse.

likehelpful

And if deals is slow, there’s always capacity within the system to take on a good performer. Look for opportunities outside of deals. The great thing about a firm with PwC as you do not have to leave to get great experience!

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One of the other Big 4 is quietly looking to reassign people to other groups in light of the flow of deals slowing down. Said firm is trying not to layoff when other areas still have demand.

likesmarthelpful

I am a high performer in deals and my RL told me to consider a tour in IFS until my kids are older so can confirm PwC is doing this.

Just go back to audit until the recession is over 😎

likefunny

Yeah the other big 4 should follow suit. There was a shit ton of hires during COVID and it got to the point to where anybody and everybody got an offer. They won’t gut the service line like they did at the beginning of COVID, but there’s a lot of low performing fat that tag along for the ride and don’t contribute and need to go.

likefunny

Heard of a manager being let go but from what I heard he wasn’t good

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Pwc FDD I think people were pushed out after October mid years. That’s when S& and pwc peeps started talking about being let go

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Performance based layoffs are normal, typically coincides with feedback cycles.

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Can't be shocked by this. The hiring in 2021 was insane and as mentioned in some comments, it was anyone with a pulse. We need some natural attrition but definitely feel for anyone laid off.

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How’s M&A Tax looking? 👀

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I feel the targeted will be those excluded from fed projects for not taking the jab.

There are plenty of people in fed who have not received the safe and effective jab.

Who’d you hear this from

Dang

I'm starting in Deals at PWC in 3 weeks. ?

EY2 no. That’s why I asked the question above

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