Comments on: Follow-Up – PwC Advisory Services Layoffs

By: Anonymous

Anonymous — Thu, 17 Apr 2008 21:54:00 +0000

PwC Los Angeles is also going through “counseling outs”. It started in the beginning of February and so far, still continuing.

By: Anonymous

Anonymous — Mon, 24 Mar 2008 03:26:00 +0000

As some said, these things happen, but PwC in the US does seem to be particularly bad at handling people ‘issues’. For one thing, it is incredibly offensive to its employees who were ’separated’ to suggest it was due to performance issues when most of the people I know who were let go were consistently rated as high performers. Secondly, to pretend that nothing is going on and to try to keep these layoffs quiet insults everybody else at PwC. Of course the news spread like wildfire and more panic resulted through lack of information. And all that during a phase of ‘re-org’ focusing on ‘people’. How pretentious and hypocritical. But the major strategic errors the brilliant partners of the SPA practice made are starting to hurt them. Instead of starting with senior managers they let go managers. Several other high performing managers have quit since and many more will follow, including many seniors who are waiting to get promoted to submit their resignation letters. And these sharp and able partners are now left in the position of being stuck with a bunch of highly paid, vested senior managers that they cannot touch and a bad name in the market. Good job sirs and madams. Just sit back and watch the demise while E&Y take over what you have left in terms of status clients.

By: Anonymous

Anonymous — Wed, 05 Mar 2008 17:41:00 +0000

These things happen in our line of work… in most every line of work. Demand for our services decreases, and we let people go. Its not unprecedented, and while 120 (Advisory) here and 120 (SPA) there are not small numbers…they are not huge either. I am sure more will leave on their own, or have already left due to poor raise and bonus last review. I am also sure that is part of the plan, so that we don’t have to lay off more of the people that really want to be here.

Those of us that remain will hunker down and ride out the storm and eventually we will find our next big thing.

-IJustWorkHere

By: Krupo

Krupo — Sat, 01 Mar 2008 00:51:00 +0000

@anon – I have friends at all firms. Yay staying touch with university friends, I guess.

As a result, I do know for a fact that all had layoffs.

It was *not* necessarily in your region/country, but all did.

Thanks for the insights though.

By: Anonymous

Anonymous — Fri, 29 Feb 2008 15:26:00 +0000

Re: Krupo

Actually, E&Y did not have layoffs, as they did not over hire during the Sox boom. PwC (as I am a PwC manager) over hired and then we did not win the work we thought we would (at least in SPA). In fact, we turned down a lot of work in the first few years of SPA and now it has come back to bite us, as we over hired each year based on forecasts that managers would sell ‘X’ amount of projects and Channel 2 work.

By: Krupo

Krupo — Fri, 29 Feb 2008 02:30:00 +0000

Re: job security. If you’re being hired as audit staff, you’re probably fine – it’s like a meat grinder, always needing more fresh kids.

If you’re going into the advisory, it depends.

What you’re seeing is PwC catching up to the other big 4, who all seem to have had layoffs in the past year. Anyone who didn’t do it earlier has to do it later. Seems like big P thought they would score some business but didn’t.

It’s not the only place with trouble:
http://greendotlife.com/topic325-deloitte-consulting.html

If you do however, get an offer, you’ll probably be ok – after an event like this a hiring freeze is more likely if things don’t improve.

By: Anonymous

Anonymous — Fri, 29 Feb 2008 01:23:00 +0000

Someone made a comment that PwC would not “Reneg on new-hires”. Just for those who do not know, during the SPA layoffs many new hires were terminated. For example, the Atlanta SPA practice let go almost half of the new hires (this February) that were hired in September. Sorry for the not so great job security…

By: Anonymous

Anonymous — Fri, 29 Feb 2008 00:52:00 +0000

Sorry, to add to that, just because you hear some bad news, its not a doomsday prophecy. Take it for what it is. The jobs for the Big 4 are out there; like another poster said the “SOX party is just ending”…

By: Anonymous

Anonymous — Fri, 29 Feb 2008 00:50:00 +0000

I’d say your job is relatively safe. Renegging on new-hires isn’t an ideal reputation for PwC to get out there.

By: Anonymous

Anonymous — Fri, 29 Feb 2008 00:08:00 +0000

Anyone out there have advice for those starting in September at the big four, (or in my case PwC specifically)? I’m about ready to apply to the GAO or the FDIC simply based on job security after hearing about all of this lay-off talk.

I tend to lean towards a bearish view of our economy in the coming months, and perhaps years. I have a feeling assurance and tax is not far behind SPA and advisory. We’re probably only in the 2nd or 3rd inning.