We had an announcement that layoffs are pretty much going to be a last resort right now. I heard EY has made a similar announcement. Has Deloitte and PwC? What about hiring freezes?

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Layoffs will come once this ends when the client demand isn’t there. Just like 9/11. Very unpopular to fire people during an emotional crisis (08/09 was different - no one died), but no one notices when you rightsize your business once the crisis ends and the new reality takes hold. Accenture had massive layoffs in early 2002 since client spending on discretionary things didn’t really bounce back until 2004. So i suspect all safe for now but don’t be lulled into a false sense of security / i know one of my largest clients just said they are freezing their budgets for 12 months as a result of the downturn in their revenue.

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They will lower bonuses but the next topic on agenda is right sizing.

Any company that announced “no layoffs,” most likely did so for the employee and PR relations.

Income/revenue, assets and liabilities. Firms aren’t carrying around endless cash reserves so between salary, pension and project holds stopping incoming revenue, something will likely have to give.

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Yep.

For now

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Yes but heard KPMG Canada did some lay-offs? Any idea?

This is true. Partners eat first.

I interviewed someone last week and we have multiple open positions in our group we got the green light to hire for which we have been actively doing so I think that it varies by group

if you don't mind me asking, what group?

Some Deloitte member firms in EU have just had layoffs, but “not related to COVID19”

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