Grant Thornton LLP initiates 2nd round of layoffs amid financial uncertainty

(MENAFN) In a concerning move, Grant Thornton LLP has announced its second round of layoffs within a span of just six months. This development suggests that major players in the professional consulting and advisory sector are bracing for an anticipated economic slowdown that may impact corporate profits across the United States, as reported by Fox Business Network.

The recent round of layoffs, which commenced late last week, is expected to affect approximately 200 employees and primarily target positions in the advisory segment of the company. This comes on the heels of a prior workforce reduction in May, where Grant Thornton slashed around 300 jobs across its U.S. division. Notably, the previous cuts encompassed its audit and tax divisions, indicating a broader effort to streamline the organization. Grant Thornton, with an approximate workforce of 8,000 employees in the United States, has thus far eliminated more than 6 percent of its workforce in 2023.

A spokesperson for Grant Thornton confirmed the layoffs, acknowledging the restructuring. In a statement, the spokesperson explained that these staffing changes reflect areas within the company facing underutilization and specialty segments that the firm is exiting due to shifting market trends. At the same time, the organization remains committed to investing in higher-growth areas of its business to better serve its clientele.

The latest wave of layoffs was initiated through communication from the human resources department, with affected employees receiving notifications starting on Wednesday and extending through the end of the week. This decision has sent shock waves throughout the company, given that Grant Thornton had recently announced record revenues of USD2.4 billion for the fiscal year ending on July 31, following the first round of job cuts.

This ongoing restructuring highlights the economic uncertainties facing the professional consulting and advisory sector, as firms like Grant Thornton respond to evolving market conditions and seek to maintain financial stability amidst a challenging business environment.

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