Layoffs at PwC were scale-back after total write-off of Booz acquisition. Company had been accumulating dead weight for a while (though some good people were let go too).

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Should have bought slalom instead of booz

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It's not like our acquisitions have been any better

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@OP Not sure I understand your point. If they had to write off Booz, why didn't they fire us all? Cuts at S& were 10-15% across all levels. We had our largest class of promotions in the last few years. I'm not arguing the point that some synergies were overstated but it is also quite clear that leadership is doubling down on the investment.

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We'll buy them too

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Many of OP's folks are disturbingly low on facts. In some industries (e.g. Insurance), Diamond and PRTM had a superb presence, and not surprisingly, make up a large portion of those teams. On the whole, though, legacy Booz rules the roost at S& (for better or for worse). And, in most industries, Booz teams have stayed mostly intact; if anything, PwC teams have suffered significantly more (again, I am not necessarily trumpeting this as a good thing). You can very easily debate the merits of the acquisition, but the facts stated by the OP contain many significant errors.

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Because your acquisitions of late have gone so well

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Agree it was an overpay; and poorly timed. Also Booz staff were significantly overpaid (and most of them were let go in the recent culling). Nobody would staff them because their internal cost rates were double the rest of the company.

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I don't think S& has materially benefitted the PwC brand. The firm is still known first-and-foremost as an audit firm. Those who think of advisory think of it (rightfully so) as an operational consulting firm.

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So many frustrated bean counters in here. Sorry you have no job security but that's not our fault. Oh wait, I guess it is 😏

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Can you explain in a little more detail??

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So happy we didn't win that bid

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Booz was such an overpay. Expected synergies have clearly not been realized, and strategy consulting is under pressure generally as businesses go in-house. Typical of leadership chasing revenue metrics.

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@Strategy&1: they replaced almost all of S& leadership with ex-Diamond people... They didn't fire all the peons because you can be used elsewhere. Cuts at S& were more severe than other groups (though there had been a lot of attrition already).

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Also, Monitor was bankrupt. Deloitte had a lot of negotiation room vs PwC acquiring a much more healthy business

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Certainly I didn't get that memo. In fact, I'm looking at the leadership team. Mostly Booz folks. Not sure what you are talking about.

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S&3, I'm in FS-Advisory. Have had two weeks on the bench in 4 years, and am leaving the firm to double my salary as an investment banker on Tuesday.
Thanks for worrying about my job security, though.

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I'm not the one saying we should keep doing them.

I suspect Deloitte monitor is much of the same

D2, Deloitte monitor was purely a brand play. Monitor brand was worth more than the business itself and Deloitte didn't get a lot of people out of it. Also, S&O already had presence in the marketplace, they weren't trying to create a business around it. PwC didn't have a strategy business, only small pieces put together so they needed a more material acquisition to rally behind.

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