Saw something on Fishbowl and then found this article on Bloomberg:
Deloitte warns of cutting 2,500 jobs
Anyone have any more info? Any specific areas of big D consulting being hit harder than others? I don't work there, just interested.
May 29, 2020
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I think 5000 (5% of workforce) is the "official" number. (https://www.crn.com/news/channel-programs/deloitte-to-lay-off-5-percent…) This is on top of the usual 2ish% performance-based attrition. Some layoffs have already happened but the bulk of it seems to be coming mid June into July. It is also said that even first-year analysts are not spared. Not sure about rest of the Big 4, but Deloitte has its fiscal year ending 5/31 so that might be a factor. Also, tech implementation projects are getting hit particularly hard so I'm not surprised that Deloitte has opted for this before other firms (also see IBM layoffs). They might actually be in a better position compared to the other Big 4 due to having strong federal presence - but who knows. I know EY leadership has promised no "covid-19 related layoffs" until after July but nobody is sure what will happen.
Add Accenture to that list - also a big implementation player. Seeing a trend here?
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Yeah, they not doing so hot. Unfortunate. The layoffs are across all industry and functions.
Deloitte's culture is more "accepting" of layoffs so I don't think they are getting hit harder than other Big 4 firms - but yes, the benches for implementation arms are massive right now so I am not at all surprised
Misread your original question. Most long term implementation projects are halted - there are a few big projects still ongoing but not enough hours to go around so utilization is low across the board. SMs are being creative with new pursuits but nothing seems to be sticking so far. Pipeline is crappy but there is hope that some of the projects previously on hold might resume. My friends in (formerly) S&O are complaining about long hours but at least it seems like they have work to do. Overall morale is very low, especially with this announcement.
Sorry to hear that. I have heard similar stories at other firms aswell. Hope things pick up soon!
Was a little surprised to see this news. I'm at another big 4 and at least my practice is super hot right now (I'm in FS)
Is this NA? I heard NYC offices are still doing okay
US and my practice is kinda national (mostly NYC but I don't live in NYC and neither do a few of my colleagues. clients all over)
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How do you think this will affect recruiting for Deloitte FT undergrad & MBA in the fall? Have you heard anything regarding that?
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What about DD shops like LEK? Going down fo' real?
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