We're not going to say that the pending endorsement of Becks' undies has anything to do with it but that guy doesn't come cheap.
I've just received word: There was a PwC Advisory partners emergency conference call tonight announcing upcoming involuntary staff reductions.
(This time the source is impeccable.)
New US Advisory Leader, Dana McIlwain laid out the bad news: The time has come to cut. Average utilization is hovering at 69%. Cash collections are millions short. Campus recruiting for Advisory has been stopped cold. Business sucks and then there's the 800+ BearingPoint folks to absorb.
On November 11th the rank and file partners, fortified after training and coaching by HR via a webcast in the next few days, will chop 300+ professionals from PwC Advisory, at all levels, all geographies, all practices. Most have already seen the writing on the wall via forced ranking.
Well, crap. We're not talking Lotus Notes developers this time around. If the guillotine does indeed drop next week, it probably won't come as a surprise with the less-than exciting revenue numbers and the rumors that the firm was phoning in no raises for fiscal year 2010.
We'll keep our ear to the ground on this but in the meantime, let us know if you've got more details on these rumored layoffs or if you get an unexpected email much earlier than next Wednesday. It's been known to happen.
Veteran's Day In PwC Advisory: Say Auf Wiedersehen [Re: The Auditors]