US accounting giant to lay off more of its workforce

foxbusiness.com:

Morgan Stanley Senior Vice President Jim Lacamp gives his economic outlook on «The Claman Countdown.»

FIRST ON FOX — Grant Thornton LLP is laying off 200 people, its second round of layoffs in the past six months and an indication that the major players in the professional consulting and advisory business are preparing for an economic slowdown that could squeeze profits across corporate America, Fox Business Network has learned.

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In May, the company cut about 300 jobs across its U.S. division; the recent cuts that began late last week haven’t been reported. They will mainly affect so-called advisory positions at the company, sources with direct knowledge of the matter tell Fox Business.

This view shows the Grant Thornton building in Dublin, Ireland, on Oct. 15, 2020. (Patrick Bolger / Bloomberg / Getty Images)

The prior cuts included its audit and tax divisions as well. Grant Thornton employs about 8,000 people in the U.S., which means the firm has cut more than 6% of its workforce so far in 2023.

A spokesperson for Grant Thornton confirmed the layoffs. In a statement, he said, «The staffing changes reflect pockets of underutilization in limited business segments, and specialty areas that the firm is exiting due to market trends. We continue to invest in higher-growth areas of the business to even better serve our clients. »

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The latest moves began with human resources calling affected people starting Wednesday and through the end of the week. The layoffs sent shock waves throughout the firm since it had just announced record revenues for the fiscal year ending July 31 of $2.4