TICE layoffs @ PwC. They will cut 20% of advisory this year, and there's one more "wave" coming. First wave was FS in February, second was last/this month, next one is soon (idk when)

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I can't wait to get bought by Deloitte, I feel like I will enjoy working for them more

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LA is struggling in general, axed pretty much half of their FS staff or forced them to move to SF/NY since the turn of 2016. If you have looked at FS Open Needs recently there is nothing won in LA. That's what happens when you only have one partner for an entire region 🙄

Also... Layoff waves so far:
1) 10-15% FS in February (number ranges depending on who you ask) due to mini-stock market freakout and consistently missed goals, in addition to the over hiring. Mostly based on future profitability, combination of people who have been on bench too long and people rolling off projects.
2) 15% across advisory this entire month... Apparently still going on. Chosen based on CRT (lowest rated people cut) as well as high rated people who were being paid too much, and again, future profitability. Lots of FS hit per usual.
3) Heavily rumored: Another round before bonus payouts in October. Given recent economic drama as well as an influx of new hires and a typically slow pipeline as companies run out of consulting budget, I expect this layoff to be huge and firm-wide. Unless of course, everyone pissed about the cohorts/bonuses leaves. Which is like, everybody.
4) Predicted: one more layoff before the holidays or early next year due to a slow pipeline that's even slower in Q4 (prediction based on pipeline strength in previous years). Will probably be mostly FS since it seems like leadership is living in a fantasyland 🙄

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5s are exited for sure. 4s on a case by case basis. If the practice has also seen little activity over the year or has anemic forecasted growth potential, look out.

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For what it is worth, I have had multiple partners (before and during CRT's) tell me directly that all of advisory did not come even close to its numbers this year.

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So FS in Feb, now TICE, what's next? Are they doing waves by industry or is it all over the board?

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Anyone know the lines they are drawing in the sand to determine who gets cut?

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PS, OP... I know a lot of people who have been laid in your office as campus hires. Trust me people talk. At least 3 of them went to same target university too. The firm will get what is coming. Chin up, you've got this!

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^#truth

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Before bonus payouts

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CIPS was hit with layoffs, too. It is across Advisory

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Can you share region? Thanks

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xUS

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I mean city? Any reason given?

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LA

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A1, 10 months in

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I don't understand why the firm keeps hiring. What's the point?

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Not even that when they're laying off campus hires who made way less than the new ones will make. A lot of it is for recruiting relationships. Even though they will be damaged with layoff news, no top school is going to tell PwC they can't recruit there unless they go on a hiring freeze or reneg offers

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Yeah one of my friends was on an internal project that had access to the firm's financials. Told me there is no way PwC can survive another year or two like this one. And I mean, even if you look at all the Open Needs lists... The same projects have been "in pursuit" for literally the past year. Not good.

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Think we should start a thread to determine what vertical everyone is in. Would be interested to know who is where

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PwC6 is spot on with the alleged timeline: I have received the same information from another partner not related to me. Are you in LA as well?

Things are bad, and it's only going to get worst

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