pay cuts

KPMG Pay Cuts Are Probably Not Going to Be Well-Received Outside of Australia

Not that long ago, I stuck a link to this story in a Friday Footnotes but just in case you missed it, let’s catch you up on the situation in my boy Roadhog’s esteemed home country. Back in late April, KPMG Australia used peer pressure relied on the strength of its team mentality to ease […]

Tracker: These Accounting Firms Have Either Cut Jobs or Pay (or Both) During the COVID-19 Crisis

[Updated on May 29 with information about Deloitte U.S..] In case you haven’t noticed, there have been a lot of salary reductions and jobs lost throughout public accounting over the past couple weeks as a result of the coronavirus pandemic. And it sucks. So we’ve started compiling a list of firms that have resorted to […]

Pay Cut Watch ’20: Marks Paneth Partners Bearing the Brunt of the Burden

Let’s hear it for the partners at Marks Paneth, who we were told are taking it on the chin so there won’t be any pandemic-related staff layoffs at the top 40 accounting firm. Apparently Managing Partner Harry Moehringer recently summarized for staff some of the pruning of costs that the firm is undertaking. According to […]

Layoff Watch ’20: What In the World Is Happening at Deloitte Canada?

[Updated with additional information.] I don’t know if anyone else caught this comment that was left on the site Wednesday afternoon but it looks like shit is going down at Deloitte Canada: Deloitte Canada: laying off approx 400 from consulting workforce (year end pruning but also citing reduced demand); employees strongly (read obsessively) encouraged to […]

Pay Cut Watch ’20: Here’s What We Know About the Salary Reductions and Other Stuff at CohnReznick

Just the other day Adrienne and I were chatting on Slack about which public accounting firms among the top 15 or so in the U.S. have we not heard a peep about in regards to job cuts, pay cuts, or furloughs. One firm brought up was Plante Moran. The other was CohnReznick. Interesting timing because […]

Layoff Watch ’20: Is There Trouble Brewing at EY Canada?

Things are starting to look a little ominous at EY in Canada, as we were told the specter of layoffs looms if EYers don’t volunteer to cut their billable hours. According to a tip we received on April 30: Had a call today at EY Canada (Ontario). Partners are saying that unless people start taking […]

Pay Cut Watch ’20: Cherry Bekaert Is Slashing Salaries Between 5% and 15%

[Updated with additional information.] Cherry Bekaert is the latest midtier public accounting firm to tighten its belt during these crazy and uncertain economic times caused by the coronavirus pandemic. We were told that Managing Partner and CEO Michelle Thompson outlined staff pay cuts in an email this morning. The pay cuts will last through July. […]

Layoff Watch ’20: Job Cuts Have Begun at Wipfli, Staff Pay Cuts Are ‘Last Resort’

Unfortunately here’s another top 20 accounting firm that we’ll be adding to our tracker of layoffs and pay cuts in public accounting during the coronavirus pandemic. Wipfli Managing Partner Kurt Gresens announced earlier today that the firm is cutting staff headcount by 5%, according to two sources. One source told us: Some have already been […]

Pay Cut Watch ’20: Dixon Hughes Goodman Is Furloughing Some, Reducing Salaries For All

So, some stuff went down at Dixon Hughes Goodman today. No layoffs, according to a source, so that’s the good news. The bad news is there are DHGers who are being furloughed, plus everybody’s getting a pay cut. Here’s what we know right now: 1. Furloughs: According to our source, 17% of DHG’s workforce is […]

Pay Cut Watch ’20: It’s Not Good Friday at Moss Adams

Normally we start these posts with “and the hits keep coming” or some such thing but we’re rapidly running out of sassy intros so let’s just cut the crap and get straight to the news. We’re hearing from multiple sources this afternoon that Moss Adams has joined the ranks of accounting firms instituting pay cuts […]

(CONFIRMED) Rumor Mill: It May Have Been a Black Tuesday At Two Top 40 Accounting Firms

[Updated with additional information.] We got a couple of tips late on Tuesday night about layoffs and pay cuts that occurred at two more accounting firms earlier this week: one is a global accounting firm with U.S. headquarters in New York City, and the second is a prominent firm in the Southeast. Because the tipsters […]

Arthur Andersen & Co.

Pay Cut Watch: Did Andersen Lay the Smack Down On Its Employees?

[Updated with additional information.] According to a post on Reddit on Tuesday, Andersen is another firm that seems to be squeezing its employees to work the same amount (or maybe more) for less money during the COVID-19 crisis … and even after the virus is defeated: Cutting pay ranging from 5-14% from anyone getting paid […]

Layoff Watch ’20: It Has Been a Terrible Tuesday For Some Folks at Armanino

[Updated with additional information.] Ugh, the hits just keep on coming. We received two tips on Tuesday morning about layoffs going down at Armanino, specifically in Los Angeles and Dallas. But another source told us on Wednesday that the firm’s newest offices in Seattle and Irvine, CA, were hit the hardest; however, we don’t know […]

Pay Cut Watch: Apparently Everyone Is Feeling the Pain at Carr, Riggs & Ingram

[Updated with additional information.] Two sources have confirmed this evening what was posted on Fishbowl and Reddit earlier today, that Carr, Riggs & Ingram doled out pay cuts across the board that will reportedly last through the end of the firm’s fiscal year. According to a source, staff pay will be cut by 10%, income […]

PwC Australia Staffers Looking at Pay Cuts of Up to 40%

Another day, another big accounting firm slashing staff salaries during the COVID-19 pandemic. This time it’s PwC Australia. At least P. Dubs hasn’t laid anyone off (yet) like KPMG Australia did. The Australian Financial Review reported today: Big four consulting firm PwC will cut the hours and pay of under-utilised staff by up to 40 […]

Grant Thornton Reducing Partner Draws By 25% For the Rest of FY 2020

[Updated with message from CEO Brad Preber to Grant Thornton staff.] Yesterday evening as I was on my way home from picking up some Red Robin for dinner for me and my family, we got a text on the tipline that Grant Thornton partners in the U.S. are taking a 25% pay cut. That was […]

KPMG US Update: Partners Taking Pay Cut, No Variable Compensation, No Omaha Steaks

[Updated with additional information.] OK, here’s what we were told today about the video message from KPMG CEO Lynne Doughtie that was posted internally last night. What we know is pretty much the same as what has been posted so far to Reddit and Fishbowl. Basically what we were told by a source was Lynne […]

CliftonLarsonAllen Is Cutting Staff Pay By 10%, No Layoffs Planned

[Updated with additional information.] During the afternoon on Friday, someone posted on Reddit that CliftonLarsonAllen had announced earlier in the day 10% pay cuts to all employees. Checks out. Here’s what came through the tipline late Friday afternoon: CLA announced this morning in a firm-wide webcast that they will be reducing all compensation by 10% […]

BDO USA Is Cutting Everyone’s Pay to Stave Off Layoffs

[Updated with additional information.] Just got this from the tipline: [BDO USA CEO] Wayne Berson just announced we were taking a 5-10% paycut at all levels (salaried) from May 1st-August 1st (St Louis is the one exception, they’re starting May 16). Hourly is the same, just starting one or two days later after the salaried […]

Layoff Watch ’20: KPMG Australia Slashes a Couple Hundred Jobs

First it was KPMG Canada earlier in the week, now Edmund Tadros of the Australian Financial Review is reporting some grim news regarding job cuts at the Australian House of Klynveld: Professional services firm KPMG will cut 200 roles and slash the pay of equity partners by almost 17 per cent in response to the […]

Oh No, KPMG U.K. Senior Executives Might Not Be Able to Afford Christmas This Year

I’m sure all you KPMG U.K. grunts are heartbroken over this news: After all that’s gone wrong at KPMG over the past year, its UK leadership probably didn’t expect big bonuses. Still, after the hard graft of trying to engineer a turnround, a £6m pay cut is going to hurt nonetheless. The 25 senior managers […]