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Grant Thornton is laying off about 350 employees, or roughly 3.5% of its US workforce, the Wall Street Journal reported.
The mass layoff comes as Grant Thornton prepares to sell a stake of its business to private equity firm New Mountain Capital. The latest major rift at Grant Thornton is just shy of one year after it laid off 300 employees. The firm also laid off 200 employees in November.
A spokesperson with the seventh-largest by revenue CPA firm declined to confirm the number of employees being laid off, and made clear the layoffs were not related to the new investment from New Mountain Capital.
“Grant Thornton has made targeted staffing adjustments to address evolving demand in select business segments,” the company said in a statement emailed to CFO Brew. “The firm continues to invest and grow its team, and is on track to deliver another fiscal year of strong performance.
Grant Thornton isn’t the only major accounting firm that has shed large numbers of employees recently. In December, Big Four accounting firm EY laid off employees across all its US arms and delayed the start dates for some new hires. The Wall Street Journal reported in July that the Big Four accounting firms trimmed headcounts last year after projecting slower growth.