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RIP

likefunny

You win 😂

Best guess from what I know:

Tim Ryan’s term as US leader ended in May so we got a new US leader & US LeadershipTeam (now known as the Operating Committee). Tim & old USLT were very against layoffs, as was Tim’s predecessor, so for the last 15 years, headcount has been managed through normal performance cuts & adjustments to partner distributions/ staff bonus pool.

Paul (new US leader) presumably wants to show partners he was the right choice by making a tough call that will (hopefully) result in increased share value his first year. Writing has been on the wall for some time in P&T and a bunch of other practices have had abnormally high excess capacity. From a business perspective, it’s probably the right move so we can give more cash to average performers (they’ve been hit hardest by bonus cuts). At 2.5% the impact is similar to year-end cuts.

My bet is the P&T group is getting completely dissolved and those not absorbed by other practices will be laid off. IFS will likely be another significant chunk. Could be completely wrong as the partners don’t seem to know either

likehelpful

Who knows the criteria they would use in laying off especially those in assurance ?

I doubt assurance will see many cuts unless a team has excess capacity. So unless you’re on the bench for the foreseeable future, you should be fine

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