According to a tipster and chatter on Reddit that’s been brewing for a couple weeks now, Crowe made a three percent reduction of force on Friday. We’re told a large number of these people were internal-facing and consulting though layoffs weren’t limited to just them. Affected staff found out on Friday and the news was confirmed to survivors in a firmwide call today.
As for how it went down:
Meetings were added to people’s calendars late Thursday evening.
Friday rolls around and:
Comment
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inAccounting
Classy, Crowe. As far as we know not everyone was on a single call, some laid off staff had one-on-ones.
The firm states it has “more than 5,000 specialists delivering exceptional client service in offices across the US,” three percent of that would be 150 people. Their Fortune Great Place to Work page — they came in #32 on this year’s list — says the exact number is 5,121. 4,921 now.
One commenter here says the OG partners at Crowe aren’t bringing in business leading to too many people twiddling their thumbs at the bottom rungs of the ladder. “There are older partners who are just dead weight, not selling anymore, but they keep getting the big K-1,” they wrote. “Not long ago they were hiring like crazy and appears overhired at this point. But some staff with low hours is driven by the fact the partners aren’t selling work. Plus this firm has created such a soft culture, with too much emphasis on DEI. It’s crazy that there’s no change in leadership at the top. They’re going to pin it all on underperforming staff and the market, which is some of it, but there are real leadership issues at this firm.” As of 2022, the firm had almost 500 partners (source).
As for how the firm is doing, Crowe hit the billion dollar revenue mark for the first time in 2022 and saw $1.3 billion in revenue for the fiscal year ending March 31, 2023.
