Layoff and Exodus Watch '10: Grant Thornton Chicago and New York Seeing Movement

Two weeks ago, we heard that Grant Thornton's Cleveland office started their layoffs a little earlier than what on might expect that was followed by an emergency meeting that the content of which is still a mystery.

Now we've received word on Chicago and New York who are rumored to be having layoffs and some quitters respectively.

From a Chipman Blog Reader:

I work in audit at Grant Thornton and have heard through the grapevine that offices are trying to keep staff. With the job market improving, it seems like other offices are looking to see if staff/seniors voluntary leave before making any final decisions pre-promotion day. Chicago has let go a partner and 2 senior managers in the audit practice and rumors are swirling of a few staff reductions, which seems crazy given that the current A1 class and the incoming class are so small. For other offices, national is working to roll out a benefit plan practice similar to what Chicago has to help keep staff busy during the summer months but it looks like this is not moving quickly enough....[T]he GT wire is that NY saw 10+ individuals put in their notice recently.

We left messages with both the Chicago and New York offices, neither of which have been returned.

An accountant close to the situation indicated that the partner and senior manager layoffs are part of those mentioned by Stephen Chipman back in January.

At that time, SC said that many of those partners and senior managers were already being notified, so since these most recent cuts knew that this day was coming, it was awfully generous of them to stay on for this busy season (we're guessing there was money involved).

As far as the the staff situation in Chicago is concerned, cuts at the staff level do seem crazy if the classes are small. Meanwhile, although some attrition in New York was probably expected, at this point, it's not clear whether 10+ leaving in mid-April is a lot or a little. Keep us updated.

Comments