{"id":1000897756,"date":"2024-11-26T13:26:25","date_gmt":"2024-11-26T18:26:25","guid":{"rendered":"https:\/\/www.goingconcern.com\/?p=1000897756"},"modified":"2024-11-26T16:51:58","modified_gmt":"2024-11-26T21:51:58","slug":"grant-thornton-partners-partied-in-the-bahamas-before-this-latest-round-of-layoffs-allegedly","status":"publish","type":"post","link":"https:\/\/www.goingconcern.com\/grant-thornton-partners-partied-in-the-bahamas-before-this-latest-round-of-layoffs-allegedly\/","title":{"rendered":"Grant Thornton Partners Partied in The Bahamas Before This Latest Round of Layoffs (Allegedly)"},"content":{"rendered":"\n<p>On Friday, a tipster generously handed us information that Grant Thornton had engaged in more layoffs. They said:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>I&#8217;d like to anonymously report that Grant Thornton is conducting another round of layoffs, affecting approximately 150 employees, primarily within the tax division. This comes amid broader concerns about the firm&#8217;s direction and workforce strategy. All impacted have been notified but this comes less than six months since 350 were laid off surrounding PE deal.<\/p>\n<\/blockquote>\n\n\n\n<p>A quick Reddit search to see if we could find anyone talking about layoffs at GT gave us this:<\/p>\n\n\n\n<blockquote class=\"reddit-embed-bq\" style=\"height:316px\" data-embed-height=\"316\"><a href=\"https:\/\/www.reddit.com\/r\/Accounting\/comments\/1gw5067\/grant_thornton_layoffs\/\">Grant Thornton Layoffs <\/a><br> by<a href=\"https:\/\/www.reddit.com\/user\/HarryNobz\/\">u\/HarryNobz<\/a> in<a href=\"https:\/\/www.reddit.com\/r\/Accounting\/\">Accounting<\/a><\/blockquote><script async=\"\" src=\"https:\/\/embed.reddit.com\/widgets.js\" charset=\"UTF-8\"><\/script>\n\n\n\n<p>Alright, confirmed. We should have written this up Friday night, alas did not and <a href=\"https:\/\/www.wsj.com\/articles\/grant-thornton-lays-off-u-s-workers-in-first-cuts-since-private-equity-sale-c3a693b8\" target=\"_blank\" rel=\"noreferrer noopener\">WSJ scooped us<\/a>. It happens. Some details WSJ received:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cGrant Thornton has made targeted staffing decisions to best meet the needs of the clients, markets and industries it serves,\u201d the firm said in a statement.<\/p>\n\n\n\n<p>The affected employees will receive their full salary and benefits through the end of the calendar year and a severance package, Mark Margulies, national managing principal for U.S. tax services, said in a memo to tax staff reviewed by The Wall Street Journal.<\/p>\n\n\n\n<p>The cuts are primarily focused on \u201cmeeting market demand and reallocating capacity from where growth has slowed to areas where growth is accelerating,\u201d Margulies said in the memo.<\/p>\n<\/blockquote>\n\n\n\n<p>*insert jerk-off hand motion here*<\/p>\n\n\n\n<p>The post-PE deal layoffs referenced by our tipster happened in May. Catch up on that here:<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-going-concern wp-block-embed-going-concern\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"IlXrR3T7sl\"><a href=\"https:\/\/www.goingconcern.com\/layoff-watch-24-grant-thornton-does-350-people-a-favor\/\">Layoff Watch &#8217;24: Grant Thornton Does 350 People a Favor<\/a><\/blockquote><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;Layoff Watch &#8217;24: Grant Thornton Does 350 People a Favor&#8221; &#8212; Going Concern\" src=\"https:\/\/www.goingconcern.com\/layoff-watch-24-grant-thornton-does-350-people-a-favor\/embed\/#?secret=12knqE1rsE#?secret=IlXrR3T7sl\" data-secret=\"IlXrR3T7sl\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>TLDR: In May, two months after <a href=\"https:\/\/www.goingconcern.com\/private-equity-is-taking-a-majority-stake-in-grant-thornton\/\" target=\"_blank\" rel=\"noreferrer noopener\">the majority sale to New Mountain Capital was announced<\/a>, GT laid off about 3.5% of the workforce across all service lines. This on top of the three percent they laid off the prior spring and about 200 people axed last November. As far as we know, GT US&#8217;s headcount is around 9,700.<\/p>\n\n\n\n<p>Here&#8217;s a bit WSJ didn&#8217;t report, courtesy our tipster:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>Less than a month ago, they sent all of the partners and managing directors to the Bahamas for a firm meeting to celebrate our 100th year of the firm.<\/p>\n<\/blockquote>\n\n\n\n<p>Nice. Of course they did. They were probably also celebrating <a href=\"https:\/\/www.goingconcern.com\/grant-thornton-merges-with-grant-thornton\/\" target=\"_blank\" rel=\"noreferrer noopener\">the impending merger with Grant Thornton Ireland<\/a>, a deal that was backed by &#8212; you guessed it! &#8212; New Mountain Capital. Allegedly GT Ireland&#8217;s 45 equity partners were looking at payouts around \u20ac6.5 million ($6.9 million USD) in cash for the GT US deal.<\/p>\n\n\n\n<p>Grant Thornton US had supposedly been waving New Mountain Capital&#8217;s money around hoping to have a three-way merger between them, Ireland, and GT UK however <a href=\"https:\/\/www.goingconcern.com\/grant-thornton-uk-picks-private-equity-over-merging-with-its-us-cousins\/\" target=\"_blank\" rel=\"noreferrer noopener\">GT UK appeared to want nothing to do with this unholy threesome and went with a different private equity firm in their own deal<\/a>.<\/p>\n\n\n\n<p>According to FT&#8217;s sources, Grant Thornton UK was able to get bidding up to approximately \u00a31.3 billion ($1.6 billion USD) in an auction organized by Rothschild, only slightly short of the \u00a31.5 billion partners were hoping for. GT UK revenue for 2023 was \u00a3654 million with operating profit of \u00a3146 million ($183 million USD). These PE firms have lost their minds.<\/p>\n\n\n\n<p>The Bahamas trip is of course unconfirmed but we wouldn&#8217;t be at all surprised. We&#8217;ll see if we can dig up more, <a href=\"tel:2025058885\">get in touch<\/a> if you have anything to add.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img data-recalc-dims=\"1\" fetchpriority=\"high\" decoding=\"async\" width=\"563\" height=\"443\" src=\"https:\/\/i0.wp.com\/www.goingconcern.com\/wp-content\/uploads\/2024\/11\/PE-people-and-technology.jpg?resize=563%2C443&#038;ssl=1\" alt=\"\" class=\"wp-image-1000897757\" srcset=\"https:\/\/i0.wp.com\/www.goingconcern.com\/wp-content\/uploads\/2024\/11\/PE-people-and-technology.jpg?w=563&amp;ssl=1 563w, https:\/\/i0.wp.com\/www.goingconcern.com\/wp-content\/uploads\/2024\/11\/PE-people-and-technology.jpg?resize=300%2C236&amp;ssl=1 300w, https:\/\/i0.wp.com\/www.goingconcern.com\/wp-content\/uploads\/2024\/11\/PE-people-and-technology.jpg?resize=150%2C118&amp;ssl=1 150w\" sizes=\"(max-width: 563px) 100vw, 563px\" \/><\/figure><\/div>\n\n\n<p>Chipman69, you know what to do.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On Friday, a tipster generously handed us information that Grant Thornton had engaged in more [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":1000896668,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3166,33167,13599,1273],"tags":[38,2606],"class_list":["post-1000897756","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-grant-thornton","category-industry-trends","category-mid-market-accounting-firms","category-news","tag-layoffs","tag-private-equity"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.2 (Yoast SEO v23.9) - 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