Comments on: The Deloitte "Layoff" Story – Mad As Hell http://retheauditors.com/2008/09/10/the-deloitte-layoff-story-mad-as-hell/ The Business of the Big 4 Audit Firms Mon, 06 Sep 2010 20:37:36 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: Anonymous http://retheauditors.com/2008/09/10/the-deloitte-layoff-story-mad-as-hell/comment-page-1/#comment-1950 Anonymous Sun, 01 Feb 2009 03:46:00 +0000 http://76.12.174.187/?p=805#comment-1950 Its true I was laidoff but I am not saying this out of bitterness: For all those out of college I implore you to do research on how the big four deal with economic downturns. You will inevitably find that Deloitte ALWAYS lays off workers when times get tough-although theyll say the opposite. In fact I received a firm wide email stating that they were not going to lay off any employees............ Also so you know D&T reported 18% growth!!!!!! they are far from suffering, but basically theres zero employee loyalty which is fine, yet they tout their emphasis on their employees "people first" what bs Its true I was laidoff but I am not saying this out of bitterness: For all those out of college I implore you to do research on how the big four deal with economic downturns. You will inevitably find that Deloitte ALWAYS lays off workers when times get tough-although theyll say the opposite. In fact I received a firm wide email stating that they were not going to lay off any employees………… Also so you know D&T reported 18% growth!!!!!! they are far from suffering, but basically theres zero employee loyalty which is fine, yet they tout their emphasis on their employees "people first" what bs

]]> By: Anonymous http://retheauditors.com/2008/09/10/the-deloitte-layoff-story-mad-as-hell/comment-page-1/#comment-1710 Anonymous Fri, 19 Dec 2008 00:13:00 +0000 http://76.12.174.187/?p=805#comment-1710 Looking for a Mgr, Financial Audit to partner with me at a Fortune 500. Looking for someone with strong internal control / SOX/SAS70 audit experience. Must be based out of CA. Anyone interested? <br/><br/>Please see: www.unitedhealthgroup.com. Click on careers. Search for a job. North America. Look for title above located in CA.<br/>Hang in there! Looking for a Mgr, Financial Audit to partner with me at a Fortune 500. Looking for someone with strong internal control / SOX/SAS70 audit experience. Must be based out of CA. Anyone interested?

Please see: http://www.unitedhealthgroup.com. Click on careers. Search for a job. North America. Look for title above located in CA.
Hang in there!

]]> By: Number Cruncher http://retheauditors.com/2008/09/10/the-deloitte-layoff-story-mad-as-hell/comment-page-1/#comment-1434 Number Cruncher Thu, 13 Nov 2008 02:05:00 +0000 http://76.12.174.187/?p=805#comment-1434 I worked at Deloitte until October 2008. A partner explained that the firm has cash flow problems. What do you when a client wants to see fees cut? Only solution - ship more work to India - which has been done. India is not affected by the staff "reallocations." Great firm - but affected like everyone else during the down turn. If and when the economy recovers, Deloitte will be as strong as ever. I worked at Deloitte until October 2008. A partner explained that the firm has cash flow problems. What do you when a client wants to see fees cut? Only solution – ship more work to India – which has been done. India is not affected by the staff “reallocations.” Great firm – but affected like everyone else during the down turn. If and when the economy recovers, Deloitte will be as strong as ever.

]]> By: Anonymous http://retheauditors.com/2008/09/10/the-deloitte-layoff-story-mad-as-hell/comment-page-1/#comment-953 Anonymous Tue, 16 Sep 2008 03:04:00 +0000 http://76.12.174.187/?p=805#comment-953 Deloitte is "trimming" the heavier salaried professionals from their FAS practice. With tons of staff with zero utilization for months in FY 08 and a increased headcount which was banking on sub-prime litigation work, they just couldn't get any work. They are in bad shape. Deloitte is “trimming” the heavier salaried professionals from their FAS practice. With tons of staff with zero utilization for months in FY 08 and a increased headcount which was banking on sub-prime litigation work, they just couldn’t get any work. They are in bad shape.

]]> By: Anonymous http://retheauditors.com/2008/09/10/the-deloitte-layoff-story-mad-as-hell/comment-page-1/#comment-939 Anonymous Sat, 13 Sep 2008 02:21:00 +0000 http://76.12.174.187/?p=805#comment-939 Fran, <br/><br/>I don't think this posting reflects your best. That being said, this IS a blog so post what you feel.<br/><br/>I have a lot to say about the Big 4 personnel ranking and reductions, but will hold off until I sign the offer letter (from a corporation) that I hope to receive in the near future. <br/><br/>What I will offer now is this. It is entirely about partner greed, and has zero to do with "running a for-profit business." When this year's partner promotes are roughly 50% of last year's numbers, and then staff reductions are made to preserve the leverage model (and not incidentally per-partner unit values) ... then it is crystal clear that the senior partners in charge have decided to sacrifice the future of the firm so that they can maximize their personal compensation today. I'm talking about the start of a death spiral not a retrenchment. Fran,

I don’t think this posting reflects your best. That being said, this IS a blog so post what you feel.

I have a lot to say about the Big 4 personnel ranking and reductions, but will hold off until I sign the offer letter (from a corporation) that I hope to receive in the near future.

What I will offer now is this. It is entirely about partner greed, and has zero to do with “running a for-profit business.” When this year’s partner promotes are roughly 50% of last year’s numbers, and then staff reductions are made to preserve the leverage model (and not incidentally per-partner unit values) … then it is crystal clear that the senior partners in charge have decided to sacrifice the future of the firm so that they can maximize their personal compensation today. I’m talking about the start of a death spiral not a retrenchment.

]]> By: Anonymous http://retheauditors.com/2008/09/10/the-deloitte-layoff-story-mad-as-hell/comment-page-1/#comment-935 Anonymous Fri, 12 Sep 2008 21:34:00 +0000 http://76.12.174.187/?p=805#comment-935 Which staff are being targeted? Which staff are being targeted?

]]> By: Anonymous http://retheauditors.com/2008/09/10/the-deloitte-layoff-story-mad-as-hell/comment-page-1/#comment-931 Anonymous Fri, 12 Sep 2008 14:36:00 +0000 http://76.12.174.187/?p=805#comment-931 Deloitte is still having layoffs and it is currently in the Non AERS areas. One group in the Financial Advisory Services in New York had 10% cut which amounted to approx. 20 out of 200 employees. Deloitte is still having layoffs and it is currently in the Non AERS areas. One group in the Financial Advisory Services in New York had 10% cut which amounted to approx. 20 out of 200 employees.

]]> By: Anonymous http://retheauditors.com/2008/09/10/the-deloitte-layoff-story-mad-as-hell/comment-page-1/#comment-930 Anonymous Fri, 12 Sep 2008 06:13:00 +0000 http://76.12.174.187/?p=805#comment-930 i love your blogs. they are your opinion and you are entitled to it. to the negative posters...stop reading if you don't like them -- plenty of us will continue to read.. i love your blogs. they are your opinion and you are entitled to it. to the negative posters…stop reading if you don’t like them — plenty of us will continue to read..

]]> By: Anonymous http://retheauditors.com/2008/09/10/the-deloitte-layoff-story-mad-as-hell/comment-page-1/#comment-929 Anonymous Fri, 12 Sep 2008 05:40:00 +0000 http://76.12.174.187/?p=805#comment-929 I once wrote in to the New York Times to complain about a poor article that got one of its facts completely wrong, a fact that would have been easy to disprove if the author had done the minimum of research. <br/><br/>The writer replied, apologizing that the New York Times had disappointed me. He then passed the buck, claiming that the error was not his "choice of words". I was impressed he took the time to write back. That he failed to take any responsibility for the poor reporting, not so much. <br/><br/>Such is the mainstream media. It's like a high school newspaper, but with better writing skills. Just don't expect an improvement in the content. I once wrote in to the New York Times to complain about a poor article that got one of its facts completely wrong, a fact that would have been easy to disprove if the author had done the minimum of research.

The writer replied, apologizing that the New York Times had disappointed me. He then passed the buck, claiming that the error was not his “choice of words”. I was impressed he took the time to write back. That he failed to take any responsibility for the poor reporting, not so much.

Such is the mainstream media. It’s like a high school newspaper, but with better writing skills. Just don’t expect an improvement in the content.

]]> By: Anonymous http://retheauditors.com/2008/09/10/the-deloitte-layoff-story-mad-as-hell/comment-page-1/#comment-926 Anonymous Fri, 12 Sep 2008 04:41:00 +0000 http://76.12.174.187/?p=805#comment-926 Keep them coming, Francine. Your blogs are great. Keep them coming, Francine. Your blogs are great.

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