We knew this was coming. Two months after the news hit that Grant Thornton is selling a majority stake to private equity firm New Mountain Capital, GT is laying off about 350 people according to an article published by Wall Street Journal late yesterday.
The Chicago-based firm is in the process of notifying the workers this week, people familiar with the matter said. The cuts, equating to 3.5% of the U.S. workforce, span advisory, audit and tax up to the level of managing director, the people said.
Grant Thornton has made targeted staffing adjustments to address evolving demand in select business segments, the firm said in a statement. “The firm continues to invest and grow its team, and is on track to deliver another fiscal year of strong performance,” the firm said.
Yeah you better have a fiscal year of strong performance.
GT’s US headcount is around 9,700. They laid off 3 percent of the workforce around this time last year, about 300 people, and shed another 200 in November 2023.
If anyone has more details holla.
The DYNAMIC firm members of GT showed enough INSTINCT FOR GROWTH to allow NEW MOUNTAIN CAPITAL to fully penetrate them as a new CHOSEN MARKET with their WHOLE SELVES fully engorged with cash!!!! Unfortunately, GT had to trim some of its DYNAMIC staff, but that’s the price you pay for full penetration!!!
No need to lay people off GT, you have enough leaving on their own.
Sad what this firm has become….Greed is not good