Received word late last night that layoffs went down out west yesterday. According to our source, the breakdown is as follows:
• Two in LA
• Two in Irvine- tax (one staff 1)
• One in San Diego – tax (staff 2)
• A few in Vegas- Audit only
We reached out to an E&Y spokesperson, who declined to comment.
Our source says it was performance based but that particular reason has been a matter of debate for some time. If you’ve got your own theories, discuss in the comments and send us any more details if you’ve got them.
Here’s hoping that Ern isn’t getting warmed up…
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Gold Star of the Day: Deloitte
- Caleb Newquist
- August 27, 2009
Brace yourselves, we’ve got a positive story about accountants, specifically auditors. Taylor, Bean, & Whitaker, filed bankruptcy on Monday after some strange goings on in the past month between the lender and the purchaser of its loans, Colonial Bank.
More, after the jump
The collapse came, at least partially, due to some very pesky Deloitte auditors who were calling TBW on their shenanigans. Per the WSJ:
Edward Corristan, the Deloitte & Touche LLP partner who headed the audit, was uncomfortable with the way Taylor Bean was accounting for foreclosed properties, according to a court filing and people familiar with the matter…Deloitte believed that employees of Taylor Bean and Colonial “had engaged in potentially inappropriate communications” about accounting for the foreclosed homes, according to a filing by Taylor Bean in connection with its bankruptcy case. With Ginnie Mae’s deadline for filing an audited financial statement approaching, Taylor Bean agreed to hire the law firm Troutman Sanders LLP to investigate Deloitte’s concerns. Meanwhile, Deloitte suspended its audit.
When TBW missed their deadline for filing with Ginnie, they had some explaining to do:
That task fell to Paul R. Allen, a former Fannie Mae executive who had served as chief executive of Taylor Bean since 2003…On July 6, Mr. Allen wrote a letter to Ginnie stating that there were no unresolved issues between Taylor Bean and Deloitte, according to the court filing. The letter hadn’t been reviewed by Mr. Farkas, Deloitte or Taylor Bean’s legal counsel, the filing said…Ginnie then met with Deloitte, learned of its concerns and decided that Mr. Allen’s letter was misleading. On Aug. 4, the Department of Housing and Urban Development, which oversees Ginnie and the FHA, suspended Taylor Bean’s authority to make or service FHA-insured loans. HUD said Deloitte had found “certain irregular transactions that raised concerns of fraud.”
Deloitte declined to comment, as it is their policy not to, on client matters. Okay but we’ll say, pret-tay, pret-tay, prety-tay good job Deloitte. Our faith has been restored. For now.
For Lender, a Fast Fall From Audit to Collapse [WSJ]
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Deloitte Tax Sells Deloitte Investment Advisors to Aspiriant
- Caleb Newquist
- July 21, 2010
Don’t panic! DIA only has 40 professionals serving 450 clients so the band isn’t breaking up. Although, maybe this is a segue into Barry Salzberg’s shopping spree. Who’s to say?
Whatever it means, both c happy with how the deal turned out.
Deloitte’s Chet Wood: “We determined that divesting Deloitte Investment Advisors is in the best interest of DIA, our professionals and our clients. As part of the Aspiriant organization, the business will have greater latitude for growth through offering additional services and pursuing its own marketplace interests.”
Aspiriant’s Rob Francais: “This acquisition is another step in our long-term growth strategy to ensure that Aspiriant remains a leading independent wealth management firm that is well-positioned to serve the needs of wealthy families for generations to come. The employees at Aspiriant and DIA share the same high standards and values; we are truly cut from the same cloth, and we welcome this exceptionally skilled team to Aspiriant.”
So. D Tax is happy to free up some cash; Aspirirant is happy to get some exceptionally skilled cloth. Carry on.
BPR:
NEW YORK, July 19 /PRNewswire/ — Deloitte and Aspiriant today announced they have entered into a definitive agreement under which Aspiriant Investment Advisors, a subsidiary of Aspiriant, a leading independent wealth management firm, will acquire Deloitte Investment Advisors LLC (DIA), a fee-only registered investment advisory group owned by Deloitte Tax LLP. The transaction is expected to close in September 2010, subject to customary approvals and closing conditions. Terms of the agreement were not disclosed.
DIA commenced operations in 1998 and is comprised of approximately 40 professionals. The group provides investment advisory services to individual and institutional investors and currently has approximately $2.9 billion in assets under advisement for more than 450 clients.
After a review of strategic opportunities for the business and an analysis of regulatory considerations, Deloitte Tax concluded that divesting DIA provided the best opportunity for the group’s future growth.
“We determined that divesting Deloitte Investment Advisors is in the best interest of DIA, our professionals and our clients,” said Chet Wood, chairman and chief executive officer of Deloitte Tax LLP. “As part of the Aspiriant organization, the business will have greater latitude for growth through offering additional services and pursuing its own marketplace interests.”
“This acquisition is another step in our long-term growth strategy to ensure that Aspiriant remains a leading independent wealth management firm that is well-positioned to serve the needs of wealthy families for generations to come,” said Rob Francais, chief executive officer of Aspiriant. “The employees at Aspiriant and DIA share the same high standards and values; we are truly cut from the same cloth, and we welcome this exceptionally skilled team to Aspiriant.”
Once the transaction is completed, Aspiriant will serve approximately 800 clients through eight offices in the U.S., and have more than $7 billion in assets under management and advisement.
“We are confident that our expanded team and geography will enable us to deliver additional benefits to clients through a broader range of investment and financial planning services, as well as increased depth of management and investment talent,” Francais added.
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Promotion Watch ’22: The Queen’s PwC Adds 22 to the Partnership
- Jason Bramwell
- January 27, 2022
PwC UK recently took out an ad in The Times to congratulate its newest class […]