Frankly, this is getting ridiculous. We got wind of more staff layoffs going down in the Metro audit practice in New York today. Sounds as though emails may have been sent out last night and meetings are being held today.
One explanation we heard was that associates not currently assigned to a client were let go which seems dubious, even for an accounting firm, but we’ll run with it. If you’re one of the unlucky few, or have details on rumors concerning next week, drop us a line or discuss in the comments.
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Deloitte Is Super Proud of Their Presence on Linked In
Oh, and they finally released their global revenue numbers.
Deloitte ended the suspense today, issuing their global revenues for fiscal year 2009 and issuing their “annual review”. For the past couple of months, we were speculating about the holdup since they have historically been issued much earlier.
Most of the comments at that time were taking the under on the revenues and they were right, as Deloitte came in at $26.1 billion. This was down 4.9% but the firm kindly reminds everyone that in local currency, there was actually growth of 1%, thankyouverymuch.
This, despite all the charts on Deloitte’s website showing the drop of 4.9%. Jim Quigley, Global CEO, and going with the local currency figures:
“Achieving positive growth in this exceptionally difficult economic environment was the result of close attention to the needs of clients and a strong commitment to professional excellence by our member firm professionals. Despite the tough economy, we remain focused on our vision to be the standard of excellence and will continue to invest in pursuit of this vision”
In addition to JQ’s assessment, an explanation of revenues by functional area continue to refer to growth while the chart shows decreases in revenues when compared to the prior fiscal year:
Consulting was the fastest growing function at 7.3 percent. Reflecting the challenging economy, both audit and tax were relatively flat against the prior year. Financial advisory services decreased by 6.1 percent from the prior year, primarily due to substantially decreased merger and acquisition activity.
On the chart, consulting was shown to only grow 2%, tax decreased by 5.5%, audit by 6.4%, and financial advisory by 13.8%. So, yeah, a little confusing. Not to mention that all of the charts present this information in what appears to be Enron Beezlebub.
Deloitte presents a whole bunch of additional information that is much larger, including how awesome the firm’s social network presence is:
• Over 75,000 members on Linked In
• Over 11,000 fans of their Facebook page
• Over 2,000 followers on their Twitter feed
And since they knew you were wondering, Deloitte uses 2.59 MWh of electricity per person, which amounts to carbon emissions of 1.31 Mt CO2 per person. Again, since this information is in much larger font, we’ll go out on a limb and assume that it positive news.
Seems like the typical spin, so we’ll take it for what it’s worth. Discuss your thoughts on Deloitte’s numbers and what it’s Facebook status might be in the comments.